Blessed with Family Help, but Ready to Empower Myself

1 Reply

Hi Everyone! I’m going through a great deal of life changes and among them is being proactive in my real estate / financial life. I have been greatly blessed to have been helped in acquiring my first house in Whittier, CA, which is currently rented out to a great tenant. I’ll need to refinance it in 2023, and only just learned this week that a bank would be willing to finance it as an investment property. This leaves me with many questions about how I want to continue growing my wealth. (Do I still want to move in to my house but lose the tax benefits? Do I want to save up for another rental property? Do I want to save for another SFD and live in one or the other?) 

I’ll keep my eyes peeled at how you are guided in your decisions, and hope to learn a lot!

Hey Ester, congratulations! If you're not living in it, it has to be financed as an investment property. Now if you buy it, and live in it for a year, you can finance it as owner occupied and then rent it out a year later. This is a great way to get the best of both worlds...the best financing terms and ALSO the tax incentives a year later.

Best of luck!

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