First Time House Hacking-Financing Question

[Matt Thielke]

Hi,

I own a condo that I’d like to rent out. I’d like to buy a 2nd property and use that as my primary residence and then rent out my condo. When I apply with a bank to get qualified for the 2nd property I know I’ll need a signed rental lease agreement on my condo but do I also need to have experience renting out my condo? I’ve heard some people say that you need to show the bank at least 1 year of rental history before you can qualify for a loan for a 2nd property, but I’ve also heard that you don’t need that rental history. Can anyone help clarify this for me?

If I do need to rent my condo for 1 year to show rental history is my best option then to move into a cheap apartment for a year while I rent out my condo and then buy my 2nd property? I'd like to get into RE investing but I don't have the 20% down payment needed for investment properties so I think my best bet is to "House Hack", buy the properties as my primary residence then rent them after I live there for a couple of years. I'd like to do this strategy 1-2 more times if everything works out well. Notes about my condo: My total PITI & HOA payment is $1,200/month and I can rent my condo for $1,800/month, for a new profit of $600/month.

Thanks for the help!

Matt