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Private Lending & Conventional Mortgage Advice

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Lance Knapp
  • Commercial Real Estate Analyst
  • Los Angeles, CA
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34
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Renting Out Primary Residence

Lance Knapp
  • Commercial Real Estate Analyst
  • Los Angeles, CA
Posted Feb 17 2017, 15:42

Two months ago, I closed on a triplex using a 20% down conventional home mortgage. I had intended to live there, but I came to realize that my commute to work wasn't feasible. Also, the perfect alternative living situation arose, so I moved. I now am in breach of my agreement to live at the property for one year. I am unable to leave my unit of the investment property vacant, so I need to rent it out. So far, the lender has not checked if I am living at the property or not (it has only been two months). Does anyone have experience with this type of situation?

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