Amandaltj, Home Owner in Washington County, MN

How do you rent out a townhome and purchase a single family home at the same time?

Asked by Amandaltj, Washington County, MN Thu Jan 12, 2012

I bought a townhome in Washington County about 17 mths ago. The HOA allows the renting of townhomes after a minimum of year from purchase. I would like to look into purchasing a single family home and rent out the townhome. How do I start this process, find out more info or figure out who to go to?

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3
Talk to a few different mortgage bankers. They'll often have different guidelines and give you different advice. If you would like a referral contact me privately
Web Reference: http://buymnrealestate.com
0 votes Thank Flag Link Thu Jan 12, 2012
Hi Amanda,

This is actually becoming quite common for people to rent their current home and buy a new one. As Christopher says, the first step is to work with your lender and see if you can get qualified for a new loan while renting out your current home. Another early step is to check with the Home Owners Association and confirm that they allow rentals. Many HOA's are putting restrictions in place.

I would recommend that you find a Realtor that has experience with their own rental properties to walk you through the processes involved with being a successful landlord. I have 4 townhouses that I rent out and I know many other Realtors do as well.

Bill Wallace - RE/MAX Results
0 votes Thank Flag Link Thu Jan 12, 2012
You just can't have two FHA loans is my understanding. You would need to probably go conventional on the TH. Also, I believe you still can not count rent as income. If you want contact me directly and I will refer you to my loan officer since this is a financing question
0 votes Thank Flag Link Thu Jan 12, 2012
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