Hi, we are planning to get a 4 plex (will be a new 30yr conventional primary residential loan/10% down) while holding onto our current single family house as a secondary house (30yr conventional primary residential loan. we have lived in this house over a year. Not renting out yet due to school and ongoing renovation). Based on our research, here are our findings & plan to make this plan work but we are not 100% sure. just wondering if anyone has done this before and have had any issues or tips you can share. we are ok with paying two mortgages.
* get a 4 plex as residential, live and update for a year, and move back to the single family house/rent all 4 units out.
*need to update voters registration, driver's license, address and so on once get the 4 plex.
*only include the 4 plex and disregard the single family house for tax returns for one year (address on tax return, mortgage interest and so on).
*will lose homeowners exemption for the single family house for a year until move back in.
*kids should be able to go to the same school near the single family house since we still own and occupy part time/occasionally.
Thank you!!!!!
