All Forum Posts by: Charles Marcus Smith

I've been searching but could not find this exact question. Sorry if I'm asking something that has been asked before. My wife and I have a large growing family and a home that perfectly fits our needs but want to expand our rental portfolio. We currently only have one other townhouse that rent out. I'm not on the loan at our current primary resident or the townhouse we rent out. Before we bought our new house which wasn't quite planned, we refinanced our townhouse to a 15 year mortgage to speed up paying it off. Now that it's a rental the home barely cashflows due to expenses and the high mortgage. We do have over $250k in equity in the home though. If we can keep that equity in that home we will which leads me to my question.

My questions is can I House hack another home in the area? I would get the FHA loan in my name and my wife and I spoke and I will live in the other home (most of the homes we're seeing are about 35-40 miles away from our current home so I won't be too far that I'm absent from my family) but I don't want my family to have to move out of our current home. I also don't want to unintentionally commit Mortgage fraud in my ignorance. Would this be a viable option? Alternatively could I partner with another investor who would occupy the home instead of me? Are either of these workable ideas or should I be looking into pulling equity out of our current rental and going the conventional mortgage route or some other financing option?

Thank you to anyone who helps it is truly appreciated.