Turning current primary into investment & Purshing a new primary

[Zachary Pichette]

Hi Everyone,

I have a few questions regarding the purchase of a primary. Let me start out by laying out my current situation.

In April of 2017 I purchase my first primary residence in the metro Detroit area. I have been "House Hacking" this home and am currently living with two other tenants. I am already making a profit on my total monthly housing related expenses with them in it. I have a third person who would be ready to move in whenever. Currently I have no rental agreements set in place but they would be willing to sign one (I've already floated the idea). I would like to move out of this home, rent the room I currently stay in and purchase a new primary residence in a nicer area.

Since buying this home I have received a significant raise in my base salary from changing companies, and have inherited $20,000 from a relative. I am curious as to what I should be doing now in order to prepare myself to purchase this new primary by the books come Q3 or Q4 of 2018.

Question 1) Should I try to purchase the new primary and refinance my current primary into an investment at the same time as a 2-pack? Or would it benefit me more to move in with my parents for a period of time after refinancing my current primary into an investment prior to purchasing the new primary?

Question 2) Because I purchased my current residence as a primary, will I face any penalties in trying to purchase another primary so soon?

Question 3) If I don't want my current primary to affect my DTI in the new primary purchase will I need to be moved out or will having the lease agreements of my current tenants enable me to reap that benefit?

The numbers.
Currently my DTI is 25%
My Current primary was purchased for $98,000 and value remains the same.
My monthly mortgage payment is $770
One tenant pays $650
The other tenant pays $500
We split utilities.
The third tenant I get would also pay $650

My credit score is 760 per Bank of Americas "View your FICO score"