Home Buying in Boca Raton>Question Details

ca_lexa, Home Buyer in Boca Raton, FL

I took out a second home loan and just closed 2 months ago. I now want to rent out the property. Can I do this?

Asked by ca_lexa, Boca Raton, FL Tue Jul 16, 2013

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Answers

5
What does your note state when it comes to leasing the property?
0 votes Thank Flag Link Fri Jul 19, 2013
If your bank asked for at least 25-30% as a down payment on this second home, you are probably conforming to the same mortgage rate that they'd request for investment property.

So on that basis, it does not seem like there would be a problem renting out this home in Boca Raton. Just to be certain, you may want to check with your real estate attorney and read your loan terms carefully.

Also, as was noted above, if this is a condo, make sure the rules permit immediate rental. If this is a single family home, you are not likely to find community restrictions against rental, even if there is an HOA. But, it's always good to check.

Marc Jablon
Johnson and Johnson Team Realty
561-213-6139
JablonTeam@gmail.com
http://www.JablonTeam.com
0 votes Thank Flag Link Tue Jul 16, 2013
Yes, a loan does not prevent you from renting the property. However, if the property is in a mandatory homeowner or condo association the bi-laws may include rental restrictions.

Caesar Parisi
Champagne & Parisi
561-998-9015
http://www.bocahome.com/rentals.php
0 votes Thank Flag Link Tue Jul 16, 2013
Ca - I agree with Nitza. However,if there is any language in your
mortgage agreement that raises any doubt in your mind,
have your attorney review it. Peace -of-mind clears the
way to move forward!




Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
Web Reference: http://pbc-realcam.com
0 votes Thank Flag Link Tue Jul 16, 2013
I don't see any reason why not, unless there are terms in the loan that estipulate you can't rent the property.

Nitza Ramos
East Coast Realty Group
Direct: 954-856-3156
Webstie: http://www.nrcv.com
0 votes Thank Flag Link Tue Jul 16, 2013
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