How to get financing on a 2-4 unit multifamily while owning a primary residence

[Ku Thao]

Hello all,

We currently own a 4 bed 2 bath primary residence that is valued at $425k.  We would like to rent out our primary and buy a 2-4 unit multi-family owner occupy.  I reached out to a lender and they stated that it will be difficult to do because the new purchase must be greater in value, space, rooms, ect... How do I get over this hurdle?  What options do I have? Should I check multiple Lenders?  We do not want to sell our current home.  Thanks in advance for any insight.

[Bill B.]

Not true. Find a different lender. 

What you need is a reason you’re moving. They’re basically calling you a liar. Because some people who came before you lied to them and said they were buying a new primary when they intended to rent out all the units the entire time. 

This new property is closer to work, closer to kids school, in a better school district, closer to parks to walk the dog, smaller and easier to take care of, is on the first floor without stairs, etc etc etc.  

Ps. I have had a lender tell me to my face they weren’t going to help me commit mortgage fraud when I tried to buy a new primary to rent out my old one. They were positive that I never intended to occupy the new home. Even though I had moved 3 times in the last 3 years in to new primaries. Some people have small minds and don’t understand real estate investing mothers have been jaded by liars.