Financing Second Airbnb House Hack
Hello all,
I am currently “house hacking” a single family residence with Airbnb. I rent out 4 rooms while living in the 5th bedroom in a separate suite. This produces significant cash flow each month and I am living in the home for free.
I want to purchase a second owner occupied home and do the same thing, while leaving the first home operating as an Airbnb. However, I need to better understand the rules around financing and owner occupancy.
I purchased the home 8 months ago using a 5% down conventional owner occupied loan through Wells Fargo. Ideally I can finance the second property the same way and switch my primary residence to the second home, while renting out my portion of the first home to a long term tenant.
What is the best way to obtain financing for the second home? Would having a signed lease agreement in place for the first home count towards my DTI qualification?