All Forum Posts by: Joan Sambo

@Corey Frank They say that I need to have strong reasons to move to a multifamily after owning a SFH (i.e. moving closer to work, bigger home, better school district, etc).

I always thought that you could buy a new property after 12 months regardless of property type. 

Hi Corey - Thanks for your response. We are looking to move into the multifamily that will have the FHA loan therefore it would become our primary residence. The house I currently own will become our rental property but it has a conventional loan.

I forgot to mention. The new loan we are pursuing is FHA with 3.5% down since we currently don't have any FHA. They did not give me an option to go 5% on conventional loan either.

Hi BiggerPockets community. I am a long time listener to the podcast and reader of the forum but never wrote a post before. 

I am trying to purchase a multi family property and was curious if anyone here have faced the same difficulties. I currently own a townhouse that I bought 2 years ago (just under my name) using a 30 year conventional loan. Me and my spouse are looking into moving to a multifamily property (duplex or triplex) to rent the other units as well as the townhouse we currently own. I have talked to two loan officers in my area and I have been told that I cannot move to a multifamily because I already own a single family (townhouse) and that I would need to either have just my spouse on the loan or sell the townhouse to buy the multi. 

I've done lots of research and never heard of this. I always thought that after 12 months on your primary residence you could move to another primary residence and rent your old one regardless of the home type. 

Any of you have faced his in the past? What would you recommend? Thanks 

New investor here from Massachusetts. I'm a Mechanical Engineer working in the medical device manufacturing field. Looking for my first investment property in my area (fix and flip).