Question About How to Transition out of Primary Residence

[Troy Gandee]

Hey everybody,

I'm a Realtor and investor. I'm quite experienced, but I usually use private funds as opposed to bank financing. I bought a new primary residence in April using a Freddie Mac loan. The intention was to purchase this house and then move on when I've saved up enough funds for another primary that we intend to stay in for a while. The house we're in now will perform quite well. I have some down time as my business has lulled while we wait for the hurricane to pass, so I wanted to ask you folks how to best transition out of a primary residence with conventional funds and convert that property into a rental. I'm primarily concerned with what to do in our transitional period of moving out of the home and getting a lease signed from a new tenant. Do most people have to find a rental themlseves while they find a tenant for their primary and then use that lease to appease the new underwriter when they find where they want to go? Or will the lender allow you to purchase a new property and move before you have a signed lease in place for the old primary? I was hoping that there may be some kind of grace period where they will let us move along and then have a tenant in place within 60-90 days or so.