Turning an FHA Loan into an investment property

[Justin Wroblewski]

I am a 24 year old new investor (also new to BiggerPockets) who is motivated to grow my portfolio. I currently own a duplex in New Jersey as of January 31, 2018, which I purchased with an FHA Loan. I currently have the top unit rented out and I occupy the bottom unit. My short term goal is to move back in with my parents so I can rent out both units. This leads me to my only obstacle; Am I within FHA guidelines if I choose to move out of my bottom unit? If not, what is the best way to legally convert this property in to an investment?

[Melissa Kirchhoff]

@Justin Wroblewski - I might be incorrect here but I think for FHA it has to be owner occupied for a year, and OO qualifies as so many days out of the year, so if you really wanted to make money off of it, you might be able to do something like vacation rentals and short term, and live there in between bookings until that year runs up.

Also, you might could possibly look into refi in a few months to go conventional (you'll also save yourself the monthly PMI, FHA is kinda high...) assuming that you have enough equity in and/or can qualify for it and that it appraises out. But worth looking into!