Updated over 8 years ago on . Most recent reply
Want to use FHA but 4 plex is full
Hello Bigger Pockets!
I am working on getting my first REI soon and would like to start with a 4plex due to the ability to be cash flow positive, still be able to use and FHA and just having that many more units towards my goal right off the bat. One of the obstacles that I am more than certain I am going to have to overcome is finding 4 plexes that are 100% occupied. In my thinking as a newbie this isn't a bad thing because full occupancy is a good thing; however, I would like to utilize house hacking and use an FHA which requires me to live in the residency. I am wondering if it is legal to negotiate for a tenant to move out so I can move in. I would be more than willing to cover moving costs and first month's rent for them to a new apartment, I am just not sure if this violates any sort of rights that tenants have.
Thank you again!
-Alexander
Most Popular Reply
You have 60 days to move in with FHA. If there is a tenant on month to month or their lease ends soon you can make it work.