Newbie trying to build a multi property portfolio

First of all, make sure you are code compliant in your conversion. Not all properties are zoned to allow for converting an SFR to a Multi-family, and if it is allowed, make sure you get all proper permits. Failing to do so could present major headaches down the road. It depends on what YOU mean by a house hack?. If you are buying a property to rent out, it's a non-owner (or investment) property and you need an investment property loan. If you are buying a 2-4plex, then primary occupancy financing is available. Remember, you must make this new property your primary residence by living in one of the units for a minimum of one year (365 days). Failure to do so, especially if the borrower purchases another property would likely result in a mortgage fraud charge. I'm going to get on my soap box for a moment... If your goal is to acquire a portfolio of multi-family properties, then once you have your first 2-4plex, trying to buy the next by claiming it as a primary is going to looked at very closely by the underwriter and be sure, the servicers will be keeping an eye on your activity. This tactic is one of the largest areas of mortgage fraud and people do get caught and when convicted, they will take the property from you, you lose everything you have in it and you will never be allowed to get another mortgage from lenders other than hard money lenders. Saw it happen to the borrower of a co-worker and its ugly. This is why most people that build a portfolio, do so by using investment property loans so they don't have to look over their shoulder.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.