Rental First, Owner Occupied After

[Kyle Maglio]

Hi Everyone,

I'm in an interesting spot. I want to start my investment portfolio, but my job situation is changing. My original plan was to stay in CT and start investing with an owner occupied multi-family. Now, a new job will bring me to Boston, which is making me reconsider my options.

An owner occupied MF in Boston would be more difficult to swing with the prices being much higher than CT. That said, I'm starting to think about purchasing a multi-family rental in CT or MA first, while I myself rent in Boston. Then after a year or so, I'd buy and move into an owner occupied MF. Can that be done? And has anyone had experience with this before? I'm aware the down payment on a conventional rental would be higher than that of an owner occupied, but I'm thinking this may be one of the better action plans.

Any other ideas are welcome!

Thanks!

[Lien Vuong]

Yes it can definitely be done as long as you have the funds for 25% down payment on the first purchase and the income to sustain both mortgages for the second one also. @Joseph Salzillo is a great agent in CT and has exercised a similar model in this competitive market. I'd reach out to find out about his experience.