General Area in Clarksville>Question Details

Nancy Davenp…, Home Buyer in Clarksville, TN

We are thinking about renting our home and buying a new one. Do you know if this is even possible. The thought is kind of scary!

Asked by Nancy Davenport, Clarksville, TN Sun Apr 15, 2012

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7
Hello Nancy! I am an experienced Realtor in the area and hold my license in TN and KY. I can truly say it is a good idea from an investment point of view to rent out your property if you can qualify for both mortgages and not have to sell your current home. However if you need for me to meet with you and go over more details in person I'd be happy to do that. The interest rates are so low that it is a good idea to by a new home and take advantage of the low monthly payments.
I look forward to meeting with you if you are not already working with an agent. My website address is http://www.fortcampbellproperties.com or http://www.sumitra.exitclarksville.com and the direct number to reach me is 931-206-0897.

V/R
Sumitra Daswani
0 votes Thank Flag Link Wed Apr 18, 2012
Hi Nancy,
Thanks so much for your question and your concerns. It certainly can be an overwhelming experience; however, an experienced Realtor can help to make the experience as stressfree as possible...that's what we do! As everyone has already mentioned here...it's definitely possible! The very first step is to see if you can qualify for the new home without selling the current home. This would also depend upon what type of mortgage you would be getting and if you are making a down payment, if that money would be coming from the equity you have in your current home. If not relying on your equity in your current home for your downpayment money, it's certainly a possibility to keep that home as an investment property and purchase a new one. As mentioned earlier, the lender usually requires you to have a lease in place on your current home prior to closing on the new home, unless your debt/income ratio is low enough to afford both homes without the lease in place.

The first step would be to contact a Realtor who can help you to get pre-qualified with a local lender. It would be my pleasure to assist you with this and help you to be on your way to acquiring your new home. I've helped many familes here in the Clarksville market over the last 17 years to do just that!

Thanks again,

Linda Hales
Keller Williams Realty
931-320-2895
LindaHales@kw.com
0 votes Thank Flag Link Sun Apr 15, 2012
Your first step should to be to contact a loan officer. Once your Pre-Qualification request has been completed, then you will know where you stand and what your options might be. Until then, it's all just speculation.
0 votes Thank Flag Link Sun Apr 15, 2012
Nancy,

This is the route that many take when they have outgrown their current home, but have crunched the numbers and want continued increase in equity. It can be a win:win for you and your investment value. To avoid any pitfalls, i.e., the scary part :) it is important to talk with a Real Estate Professional. Give me a shout-out at your convenience (931.241.7744) and we can discuss the particulars.

Jan
Prudential Professionals Realty
#1 Agent 2011

931-241-7744

"It's All in the Details"
0 votes Thank Flag Link Sun Apr 15, 2012
Great answer!
Flag Mon Apr 16, 2012
Which question most concerns you?

1. Is it possible to rent your current home?

2. Is it possible to buy new home?
0 votes Thank Flag Link Sun Apr 15, 2012
Hi Nancy! As Ryan said, it is certainly possible, but will depend on your debt:income ratio. Please feel free to give me a call and I will guide you in the right direction for all your financial questions as well as help you find a new home that meets your needs!!!
Alison Cox
Crye-Leike Realtors
615-306-4480
Alison.cox@crye-leike.com
0 votes Thank Flag Link Sun Apr 15, 2012
The possibility is only limited to your ability in obtaining financing without having your current property sold. You can ask any loan officer in your area and he/she will tell you if you can afford it. From my experience, sellers have to have a lease already signed, and not by any related party, in order to use that property as an income source and/or reduce the debt ratio impact it has on your application.

Good luck!

RYAN PETRY | kw
815.262.1372
0 votes Thank Flag Link Sun Apr 15, 2012
Thank you so much everyone for all of your help. We are contacting our bank tommorrow to see where we stand!
Flag Sun Apr 15, 2012
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