The live-in-then-rent strategy uses owner-occupant financing to acquire a property as a primary residence, live in it for the required period, then move out and convert it to a rental rather than selling.
Log in to followFour financed properties including the current primary. Gross income about $11,000 a month, ratio sitting around 44 percent by the way my lender counts it, which means the next ow…
Bought 14 months ago at 5 percent down conventional, 6.875 percent, PITI 2,610 with escrow. Property taxes reassessed on my purchase price in year one and went up 380 a year, whic…
This is the loss post. It went fine on paper and then I ran out of money. Bought a 3 bed ranch at 244,000, 3.5 percent down FHA, so 8,540 down and about 6,600 in closing after a s…
I want income that doesn't turn into a second job, and this strategy looks like the version of that I can actually qualify for. What I can't settle is the pace. The fast version:…
First house is bought and I'm living in it, so the next decision is a year out but I want to understand it now. To buy rung two I need a down payment. Two ways I see people get it…
I ran two owner-occupant structures against the same $340k house, three bed, 1990s, in a submarket where it rents for about $2,450 today. Quotes I was given last month, and rates…
First house, 3 bed ranch from the seventies in a mid-priced suburb, $268k, 3.5 percent down on an FHA loan, so $9,380 down and about $7,000 in closing costs. Full payment was $2,1…
I'm at month 11 in the current house and there are two orders I can do the next steps in, and lenders have told me different things about which one helps. Order A. Find a tenant,…
Finished this one last spring, so I've had time to be calm about it. Bought a 1963 ranch, 1,450 square feet, 246k, 3.5 percent down. Plan was to live in it 12 to 14 months, fix it…
I keep poking holes in strategies and this is the one that survives every objection I throw at it. Buy as an owner occupant, live there the required year, convert to rental, repea…
Writing this out because I want somebody else to catch it earlier than I did. I bought a townhouse at 249k with an FHA loan, 3.5% down, so 8,715 out of pocket plus about 4,200 in…
I mostly research land and holding patterns, so buying a house to live in feels like a different sport, and I want to check whether I understand the basic shape of this before I s…
My first purchase is close, and I've started mapping where rungs two and three would come from. Two ways to plan it and they lead to completely different portfolios. Tight radius.…
Running the ladder out on paper and the failure point isn't where I expected. Property one: 340k, 3.5 percent down FHA, PITI plus MIP at 2,650. Market rent 2,450. Property two tar…
I closed on a 3 bed 2 bath in a decent school zone two Aprils ago, 5 percent down conventional as an owner occupant. Purchase was 312,000, so 15,600 down and 7,100 in closing cost…
I look at loans from the lending side rather than owning, so I understand the origination math better than the aftermath, and I want to fill that gap. Say someone buys with 5 perc…
I closed on house number four in March and the rental lease on number three started April 1, so the sequence held for another year. Posting the actual numbers because the version…
I'm one saved-up down payment away from starting this, and the first real fork is what kind of house to buy. Everything I've read says the whole point is that I get owner-occupant…
I have 22k saved and a plan I got from reading too much: buy a house with a low down payment loan, live in it a year, rent it, buy the next one. First conversation with a loan off…
I want rental income without picking up a second job, and this strategy keeps coming up as the low money version. What I read: you buy with 3.5 percent down as an owner occupant,…