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Updated about 17 years ago on . Most recent reply

User Stats

230
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6
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Bob McIntosh
  • Real Estate Investor
  • Hoboken, NJ
6
Votes |
230
Posts

Owner Occupied to Pure Investment Question

Bob McIntosh
  • Real Estate Investor
  • Hoboken, NJ
Posted

Hello I am looking at purchasing a 2 unit property, living in the one unit, and renting out the second. My question is if I purchase the property as owner occupied, but then lets say at some point down the road I wish to move out and rent the portion I lived in, will this trigger any sort of "due on sale" clause since I am no longer occupying the property? What would the bank do if this did happen?

Thanks in advance!

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