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Updated almost 3 years ago on . Most recent reply
![Jeffrey Suarez's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2384294/1695303579-avatar-jeffreys372.jpg?twic=v1/output=image/cover=128x128&v=2)
How long do you have to live in Primary residence before renting?
I want to rent my home in about 2-3 months, move 30 miles closer to family.
I will be keeping part of the home for my personal belongings. garage and RV storage. ( I started another thread about building adu so I could be there part time in the future)
I currently have a primary residence loan funded by fannie mae.
I refi in Nov 2020. I have lived in the home 4 years. I am in the middle of a home equity loan, but need to know if there are any reprocussions. I don't want to be accused of mortgage fraud.
Should I stop the home equity loan, or at least let them know the situation? Lender is US Bank so I am dealing with a lot of robots there that don't really have answers. .
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![Joe Homs's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/193243/1621432275-avatar-joehoms.jpg?twic=v1/output=image/cover=128x128&v=2)
@Jeffrey Suarez the rule of thumb is one year. Have you thought about selling it since you can avoid up to $250K per person and $500K for married couples in capital gains?
Good Investing...
- Joe Homs
- [email protected]
- 949-625-4533