Updated over 5 years ago on . Most recent reply
Refinance and Personal residence turned rental
This is probably a really stupid question but I don't have any experience with it so your knowledge would be appreciated.
I own several rentals but I bought them all as investments from the get go and rented them right after rehabbing them. In a few years I would like to move out of my personal residence and convert it also into a rental. At the moment I am refinancing my home for a favorable rate and lowered monthly payment so that the rental opportunity can be even more favorable when the time comes.
With that said I know that I have to live in my home for a year post refinance before I rent it but I'm also wondering if I need to tell my broker to set up the mortgage in any particular way so that its not a problem to put renters into it in the future. Any advice here? Anything special I need to do or is it pretty much not going to be a problem because that is the norm?