Updated over 5 years ago on . Most recent reply
House hacking duplex
My wife and I have one current rental, cash flowing with equity. We have tossed around the idea of moving, to temporarily (1-2 years) rent out our primary residence. The idea would be can we buy a duplex and house hack for a year or two, while having someone rent our home also so that we can save save save during that time for another purchase.
My question is, how can we qualify for another loan for the potential duplex, with the intention of renting our primary? We wouldn't have any rental history yet on the primary to offset that monthly debt obligation. Would a lender be satisfied with a signed lease agreement?
The trick will be to find a potential property that can accommodate us for the next year or two. We have to small kids, age 2 and 6. We are thinking long term, and years go by quickly, so we think ultimately it will be worth it. We believe we could rent our primary residence for $2500- $3000 per month, which would cover all our expenses here.
Any thoughts?