cash out refi on a primary home and conversion into rental

[Marseille Agriam]

Hello, I have owned my property for 14 months. I bought it as a primary residence. Now, I want to convert it to a rental property, would I have to change my mortgage status from a primary residence to an investment property? I am also thinking of doing a cash out refi, but am unsure, because of how high the rates are. 

[Steven Goldman]

Hi Marseille as long as you have passed the seasoning requirements for a FHA/VA than you can rent the property out without fear of a current mortgage default. On the other hand if you want to take cash out you could refinance or HELOC the property while you are still living there and than rent it out. A cash out refinance would be better as owner occupied as an investor cash out will require the property be occupied at the time of application with proof of a written lease. Either way you have numerous options. I wish you well on your real estate journey. May the wind be at your back!!!!