Multiple house hacking using primary residence - possible?

[Account Closed]

Hope everyone is holding up well.

Purchased my first property back in June (triplex) and used the money I saved in rent to renovate my unit and the other two. Raised rent after the renovations and now have nice cash flows which has allowed me to save up quite a bit of money.

Is it possible to purchase another multi family property as a primary residence and do it again over and over (as a primary residence)? My lender originally told me back when I bought my first property that I could if I could “prove it’s a necessary upgrade” (for example, if we said we were starting a family and needed more room). Now his story has changed.

So long story short, is it possible to house hack consecutive multi-family properties under a primary residence without selling the first one or transferring it to an LLC and deal with all that comes with that?

Also, the plan was/is to move from one multifamily property to the next all in the span of three years (so three multi family properties).

Appreciate all the tips and advice I can get. Happy investing everyone!

[John Warren]

@Account Closed yes it is absolutely possible to house hack multiple properties. I have had several clients here in the Chicago suburbs that pulled this off. When the initial purchase was an FHA or Va loan then you will need to refinance that property in order to get access to that loan again. Over the past few years this was relatively easy to do as the market kept rising more and more. Most likely, it will be easier to do one property per year although I have had clients pull off a second purchase in less than a year citing things like needing a different school district, needing a larger back yard for their kids, etc.

The loan products are constantly changing, so you want to make sure you have a lender who really understands investing. All conventional lenders have the same products, but at the end of the day they don't all understand investing. What this means in real life is that many lenders won't know all the loopholes you will be looking to use as an investor looking to purchase multiple properties with low down payment loans.