Renting A New Property With An Owner Occupied Loan

[David Adams]

My wife and I are about to close on a condo that we purchased w/ an owner-occupied loan from our lender. Our intent was to live in the property ourselves, but after discussing w/ friends & family, we realized that we stand to make a lot of money on the property if we were to rent it out. With that being said, what are the repercussions of renting out a new property that is financed w/ an owner-occupied loan? Technically our intent when we agreed to the loan was to live there long term, but once we found out home much we could get in rent we have started to reconsider our goals.

Does anyone have any experience with this?

Thanks!