All Forum Posts by: Drew Snyder

It's not just semantics as the rate will be materially higher. 

The lender is acting like owning a second house in any form would trigger converting the first to an investment property (with a worse rate). This is something I have no interest in doing. 

That's at least what ally home loan is saying to me. 

Just to give you a few details, I have 20-30% equity in property #1. 

My goal was to do the owner occupy dance, but they are saying that's not possible. I would almost for sure qualify for the 2nd home without offsetting the rental income as well.  

Any advice/tips?

This is how I thought as well. Not saying "you have to" or "you must." Just if you want to buy, the lease isn't something we would worry about. 

But what if they are buying a property and want out of the lease and they are not buying through you?

You have some very small leverage over them. It's optional though, so I'm hoping Im good to go. 

So I heard this idea on the BP Podcast -- 

But are there any ethical considerations when offering tenants the ability to get out of lease, if they buy a property through you? I assume this is above board, but would love some feedback.