Updated over 3 years ago on . Most recent reply
Purchasing duplex then next steps
I’m planning on purchasing a duplex or triplex as my primary home in 2023. I will qualify as first-time home buyer and plan to use a conventional mortgage. I plan to live in one of the units for at least a year, which is my understanding that most lenders will require. After a year, I’d like to purchase a small house to live in and flip or rent after renovations. What kind of financing options would be available for the second house? Also, will I be able to keep the original mortgage on the first house after I’m no longer living there or will it have to be changed to something else. I’m a newbie at this and really appreciate any responses.