Getting Financing for a Second House Hack

[Ishmeal Ivory]

Hi Everybody,

I’m a new investor who purchased his first single family home in June 2021. I purchased it with my twin brother and we are looking to get another home in the next 6-12 months in the Sacramento market. We used a Conventional loan and put 3% down. Both of our names are on the property.

My question is how can I get a 2nd loan to house hack a property as a primary residence? Is it possible for either me or my brother to stay in the first home we purchased while the other person gets another home and used that has a primary residence. So essentially there would be both our names on the first property and only one of our names on the second property.

Any advice would be greatly appreciated 😁

[Brendan Miller]

@Ishmeal Ivory you’d need to look at the fine print within the first property’s mortgage docs, normally you have to live in the property for at least one year as your primary residence. After that then you could get a new primary mortgage loan. You’d have been better off not having the first home in both your names, rather just one and the other property in the other’s name.