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!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you