Hi @Evelio Martinez,Sorry I can't speak to the South Florida market, but I was able to get a non-owner occupied HELOC on an investment a few months ago.

@Jose Grimaldo To start out, I did a cash out refinance on a house I owned, then used owner occupied financing to get the 2nd and 3rd properties.

Jo-Ann - There are some quirks about this sale:  Properties are occupied.

One unit is tenant occupied and we are leasing up the second home.

Property was completely occupied and had recent updates.

Property was completely occupied and had recent updates.

I am planning on moving into my rentals before selling them so that I can convert them back into owner occupied to take advantage of the 2/5 rule.Best of luck. 

When you've got an occupied apartment in an area where local rents have increased quite a bit over the last few years, what are the deciding factors in whether you take the initiative to renovate it and increase the rent to the new market rate versus let it sit and accept the lower rent?

I am interested in using the VA Streamline Refinance (IRRRL) and renting out our current property, then reusing my VA benefit for the second, owner occupied home we may build that is closer to work.

I have always wondered if such investments are made by someone who is retired, has lots of time and money, and is looking for a hobby to keep occupied?