All Forum Posts by: Daniel Lopez

@Brandon Sturgill Hi Brandon it’s great to hear your experience with renting from afar and I’m sure you have a bunch of knowledge that can help guide me in my real estate pursuits. Is there any specific type of home insurance that I need to get if I am converting my primary residence to a rental property? Are there any references or books you can suggest that detail general landlord law and how to legally declare a piece of property as a rental property?

Can anyone share their experience on converting a single family primary residence into a rental property? I’m going to be moving out of state and want to keep my property but I’m unsure on all the changes that need to be done before it’s legally ready to rent out i.e home insurance, declaring to the state, etc.

David Krulac Thank you very much for clearing that up. That really helps me since I was planning to move out of state for a new job and where I can save some money for a new property.

@David Krulac

David so if I understood you correctly, once you have lived in a FHA financed property for at least one year you can move out. But does this mean that you can live in another location full time and say rent out the property. Or are you required to owner occupy the residence until the end of the loan (or after you refinance out of it)?

@Carl Schmitt I need to confirm how much equity I have in my home, but it's not 20%. Given that I refinanced in July 2016, I'm pretty much starting all over again.

@Kit Crowne I will be attending the Meet up tonight at your office. We can discuss it in person there. Is there any information you want me to bring to make the conversation easier?

Hi @G. Brian Davis your comment about multiple FHA loans is interesting. I am new to BP as well and I am currently in a situation where I financed my primary residence (single family) with an FHA loan and I would like to invest in a 2-4 unit property for rental income and House hack (possibly BRRRR). Could I convert my single family into a rental property with the FHA and use a separate FHA for the 2-4 unit property?

Hi BiggerPockets CT members,

Need some advice. I'm currently a single family home owner in East Hartford and financing via FHA loan. I am new to BiggerPockets and motivated in investing in Multi-Family properties. Currently don't have a large amount of money saved for a 20% down payment for a conventional mortgage. I want to rent out my current home and House Hack a multi-family home. I refinanced my home this past July with another FHA loan to lower my monthly payments. I feel like I'm stuck in my primary residence and won't be able to use an FHA or 203 loan to invest in a multi-family home. Should I give up on my current home and sell it so then I can use another FHA loan for the investment property? Any help you guys can suggest?

Hi BiggerPockets CT members,

Need some advice. I'm currently a single family home owner in East Hartford and financing via FHA loan. I am new to BiggerPockets and motivated in investing in Multi-Family properties. Currently don't have a large amount of money saved for a 20% down payment for a conventional mortgage. I want to rent out my current home and House Hack a multi-family home. I refinanced my home this past July with another FHA loan to lower my monthly payments. I feel like I'm stuck in my primary residence and won't be able to use an FHA or 203 loan to invest in a multi-family home. Should I give up on my current home and sell it so then I can use another FHA loan for the investment property? Any help you guys can suggest?