You said that for an FHA loan, you also need to occupy it. What if you're occupying the retail space with your business and renting out the apartment above? Would that still count as 'owner-occupied'? Or is it only the residential part that's considered?
Great question! It is only the residential portion. With that said if you lived in the residential unit for say a year or two and then bought a new place you could rent out the residential unit and still have your business in the commercial unit.
Do you think owning a property that is both residential and commercial is a good idea?
Hey Ryan, really nice video! I was wondering if I could help you edit your videos and also make them highly engaging shorts out of them
Great stuff, thanks Ryan!
Thanks for watching!
You said that for an FHA loan, you also need to occupy it. What if you're occupying the retail space with your business and renting out the apartment above? Would that still count as 'owner-occupied'? Or is it only the residential part that's considered?
Great question! It is only the residential portion. With that said if you lived in the residential unit for say a year or two and then bought a new place you could rent out the residential unit and still have your business in the commercial unit.