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Collin Baumann
  • Realtor
  • Lehi, UT
5
Votes |
30
Posts

Please Help! Buying a Multi-Family and Owner Occupying

Collin Baumann
  • Realtor
  • Lehi, UT
Posted

I need some help.

I am looking to buy a small multi family. The property is a duplex but can be converted into a 4 plex with a little bit of work. The duplex is currently occupied by tenants on a month to month lease. This will be my first property and I want to fund the deal through an FHA loan where I know I have to owner occupy which is my intentions. My question is with the tenants being month to month, can I just buy the property, not renew either leases and then renovate the property and convert it to a 4 plex while I'm living in it allowing me to qualify for an FHA loan? What are tenants rights in that type of situation in Utah?

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1,634
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876
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Johann Jells
  • Rental Property Investor
  • Jersey City, NJ
876
Votes |
1,634
Posts
Johann Jells
  • Rental Property Investor
  • Jersey City, NJ
Replied

I don't know your local laws, but here in NJ increasing units is very difficult legally. Be sure of your ground, talk to a local attorney.

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