Owner occupied rental in FL.

5 Replies

hey BP! question: if i purchase a owner occupied rental in another state. can place an immediate family member in the unit i was(owner) suppose to occupied? the property would be in Fort Lauderdale fl. Thanks, all

If you purchase from an owner, after closing you can do as you wish as long as it is the owner of record that lives there. If you purchase with a lease, the lease stays in place and you have a tenant.

@Jean Joseph , do you mean that the loan you used for the purchase was an "owner occupied" loan? If so, the loan typically states you must occupy the property for at least 12 months. To my knowledge, a family member wouldn't count, it would have to be you. 

Originally posted by @Nathan Platter :

Hi Jean,

If you purchased with FHA financing then yes, you or an immediate family member must occupy within 60 days. https://www.fha.com/fha_article?id=595

I don't see where it says an immediate family member would suffice.  It says it must be whomever is on the loan.

thanks all! will look further into it. was hoping i can place a family member in my(owner) unit for a year then hopefully refinance to a traditional loan. Meanwhile i would be in NYC and rental will be in the Fort Lauderdale area. p.s i plan to relocate to FL but i make good money in NY, i was trying to save some more cash after my first rental before completely move to florida. Thanks, again!

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