Moving in Pomona>Question Details

Andrew, Other/Just Looking in Pomona, CA

I want to move to Vegas.

Asked by Andrew, Pomona, CA Wed Apr 4, 2012

Ok so. Ive been wanting to move to Vegas for a good while. And now I really want to do so. Im NOT done paying my house off here in Pomona CA. I have two daughters that are in college. Do you think I could rent it ou to my oldest daughter and have them two and their cousins as roomates in this house? While I buy my home in Vegas?

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Ensure you obtain a lease agreement, speak to a lender as to your present situation, they will be able to advise you on the appropriate prerequisites to lease and buy a home.
0 votes Thank Flag Link Fri Apr 6, 2012
Hi Andrew

Yes, you can lease to your daughters and their cousins, but I would recommend you have a lease agreement signed by all parties as to your expectations of rent, payment date and term. Even though they are family, it will help mediate issues that may arise later and there will be no misunderstandings.

Check with your lender regarding using new rental income (no history or tract record) and qualifying.

I personally have 3 properties in the Las Vegas area. Great investments. I have a wonderful Las Vegas Realtor friend by the name of Michael Cabillaro who I can refer to you if you need assistance.

Julie McDonough
amerisell@msn.com
(951) 317-2118
0 votes Thank Flag Link Wed Apr 4, 2012
Hi Andrew,
You could rent it out. We have very knowledgeable lenders at our office.
I'll be glad to help you. Please email me at Ludy@tarbell.com or call me at (909)731-7124

Thank you.
Ludy Ivonina
Tarbell,Realtors
Eastvale-Corona office.
0 votes Thank Flag Link Wed Apr 4, 2012
You may rent out your Pomona home. Keep in mind that the payments, insurance and property taxes are still your responsibility.

How much you will qualify for the Vegas home depends on your income, assets, credit scores and other factors. Your mortgage lender will be able to determine how much you qualify for the home in Vegas. Most likely your qualification for buying the home in Vegas will take into consideration your current mortgage payment, hazard insurance and property taxes.

Good luck.
0 votes Thank Flag Link Wed Apr 4, 2012
I have great experience in the City of Pomona. Honestly, the best person to speak with is a lender. I have several great lenders that I work with on a constant basis and would love to get you in touch with one if you did not mind. I believe it is possible as long as you have an active lease agreement. One of the lenders I work with can use rental income as a source of income and because all of this will new income, they are able to use 75% of it.

Please let me know if you would like to talk more about it or if you would like to speak to a lender that I trust and know that will take care of you.

Chris Woodburn
(909) 234-0182
cwoodburn@cbtricounties.com
0 votes Thank Flag Link Wed Apr 4, 2012
typo: all of this will be new income
Flag Wed Apr 4, 2012
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