Trying to househack fully occupied property

1 Reply | St. Louis, Missouri

Hello! My name is Nieves Soto and I'm looking to house hack in the St. Louis area. I found a property I'm interested in buying but both units are occupied with leases ending at the end of 2021. How should I navigate this situation? 

Hi @Nieves Soto if using conventional financing I think the lender will want you to owner occupy the property within 60 days of closing.  My thoughts are you could ask the seller if they think one of the tenants would be open to a buyout to terminate their lease early within this 60 day period from closing.  Then you would want to put it in writing in the sales contract as well as get an updated lease to provide to your lender.  Anyone have any other ideas?