New To Investing

[David Utley]

Hello everyone! I have been following BiggerPockets for a long time. I have an idea that I want to run by knowledgeable people. So we are planning to move to Florida next year. I have an idea to buy an investment property to live in at first but later convert it to my personal property. Is this possible? 

[Kerlous Tadres]

Hey @David Utley, yes, it’s totally possible. You can buy it as your primary residence, live there for about a year, then turn it into a rental. Just make sure it makes sense as both a home and an investment, and run the numbers ahead of time. When you’re ready to rent it out, update your insurance and let your lender know. It’s a great way to start building your portfolio with low risk.