Home Buying in 22312>Question Details

Lacurls, Both Buyer and Seller in 22079

My husband and I own a home; but we also want to buy a townhouse for our son; are there any legal restrictions in VA in owning multiple properties?

Asked by Lacurls, 22079 Sun Sep 12, 2010

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There are no restrictions what so ever regarding the number of properties you can own in VA. What great parents!!
Web Reference: http://www.jimmccowan.com
0 votes Thank Flag Link Tue Oct 12, 2010
No legal restrictions to buy for a family member. You will buy the home as an investment property -and will have to put down between 20 and 30 percent.

Lenders will consider this an investment property - even though you are buying for a family member.

The larger the down payment - the lower the fees and closing costs.

Besides the large cash outlay - there are few restrictions.

Good Luck!

Gerry Dunn
Associate Broker
Licensed in Maryland, Virginia and D.C.

301-651-8600
0 votes Thank Flag Link Mon Sep 13, 2010
Here is the General answer: No real restrictions but you will a landlord and will have to register with the state if you have 4 or more units. For more details please email me at info@ciaralascano.com. Thx
0 votes Thank Flag Link Sun Sep 12, 2010
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