1 year house hack with current tenants

[Connor Rice]

Hi All!

I am looking to purchase a duplex that is rented out with tenants currently about 4 months into their 12 month lease. I would like to move in and house hack using and FHA 3.5% down loan and then use it as a rental property after 1 year. I have a few questions on how to tackle this deal

-Can I offer cash for keys to get the tenants out so I can use an owner occupied FHA loan? What other tactics could I use to get the tenants out?

-Can I Refi into a conventional mortgage after roughly 6 months if I decide to move and keep it as a rental? I'm assuming I would just take a hit on the interest rate but it would still be cheaper than paying PMI forever with the FHA loan. Would interest go up about 1%? (I'm currently preapproved for 3% for owner occ)

-If I am unable to get the tenants out so I can move in with an FHA owner occ loan, should I try to see if he would do seller financing? How would go about Refinancing out of the seller financing? Would I refi into a conventional mortgage, and if so do I have to have 80% equity in order to do so?

The report attached has my rental analysis as a rental property, not a house hack.

thanks!

View report

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