Birmingham, AL · Member since 2013 · 21 posts · 1 vote
Hello,
Is it possible to get traditional financing for a fully rented fourplex as my first home purchase? I am currently renting an apartment in an area about 60+ miles from this property, and the listing says it is fully rented with long-term tenants. Ideally, I'd want to live in one unit and rent out the others if it were closer, but I just ran across this scenario and thought I'd ask.
Is it possible to get traditional financing for a fully rented fourplex as my first home purchase? I am currently renting an apartment in an area about 60+ miles from this property, and the listing says it is fully rented with long-term tenants. Ideally, I'd want to live in one unit and rent out the others if it were closer, but I just ran across this scenario and thought I'd ask.
Thanks!
Yes, I did it. Kicked out one of the tenants and moved into the empty unit.
Investor · LaGrange GA · Member since 2014 · 121 posts · 55 votes
10y
You would have to live in one of the units to qualify for FHA's, conventional owner occupied financing etc. So you'd end up evicting one of the tenants to allow you to do that, and I'm sure there would be some disclosure you would have to sign.
Keep in mind that mortgage fraud is a big deal, so I wouldn't just "live" in there and keep your apartment, I would actually move in.
Is it possible to get traditional financing for a fully rented fourplex as my first home purchase? I am currently renting an apartment in an area about 60+ miles from this property, and the listing says it is fully rented with long-term tenants. Ideally, I'd want to live in one unit and rent out the others if it were closer, but I just ran across this scenario and thought I'd ask.
Thanks!
Yes, I did it. Kicked out one of the tenants and moved into the empty unit.