Okay BP I need your help I am currently approved for an FHA loan with the 3.5% down. So I found this property that is in he same neighborhood where I live. Property is a great investment and has about 10k in equity from the asking price and Is in move in ready condition. So the problem is that there are tenants it the property that just signed a 1 year a month ago. Under fha guidelines I have to owner occupy the property for at least a year and 60 days my question is with the tenants approval can I move them into my current home a few streets down avoid a costly eviction write up a new lease and null there current lease so I can occupy the property to satisfy fha I would still cash flow with this strategy?
A very interesting situation, I would think as long as both of you (i.e the tenant and you) agree, and the move is also beneficial to the tenant, I see no reason why it couldn't be done. However, if the tenant is a section 8 tenant, the complexity compounds and a bit trickier to accomplish this goal.
I'm curious to see what the more seasoned investors and landlords have to say about this situation of yours!
Join the Largest Real Estate Investing Community
Basic membership is free, forever.