Rental Basics in 19406>Question Details

Bradley.blac…, Other/Just Looking in 19406

I was wondering if it was possible for me to still be paying for a house while at the same time be renting it out to others

Asked by Bradley.blackshire, 19406 Wed Apr 20, 2011

I am a college student who does not want to waste money on rent so I instead was wondering if i could live and pay for a house while renting the other rooms out to other people.

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If you are a student how are you going to qualify for a mortgage? First sit down with a lender and see if you qualify. ICheck local laws regarding renting . If you do get a mortgage, you are liable for the payment and should make sure you have money to pay if the others do not pay you.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Sun Apr 24, 2011
Hi, Bradley.

Yes, you can accomplish what you're posing as long as you either: 1) Have cash to pay for the home, or 2) Can get the necessary financing to purchase it.

This is a very common scenario that many home buyers, such as yourself, are considering today. If you need a mortgage referral or any more advice, please let me know how I can help.

Thanks,
Tim

Timothy M. Garrity | Brown McKinney Real Estate, Co.
Real Estate Professional & Consultant
http://www.phillyurbanliving.com

tgarrity@brownmckinney.com Email| http://www.brownmckinney.com/tim Website
215-825-2250 x 1007 Office | 267-879-2716 Mobile | 267-318-7004 Fax
0 votes Thank Flag Link Thu Apr 21, 2011
Bradley,

I have a client who did that in college. Thought it was ingenious. Just make sure you understand the financing. Good hunting!
0 votes Thank Flag Link Thu Apr 21, 2011
Well, that changes every thing. Yes, you can purchase a house as an investor and rent it out. Pay the mortgage with the rent money. Or as I said before, Buy as an owner occupied and rent the rooms to others.
You have to talk to mortgage company to get qualified first.
Weichert Financial has a lot of programs for young people like you. Call me and I can introduce you to our GSM. She is really good.
Thanks,
Oh, by the way, I am never too busy for your referrals!

Thank you, Your Success Is My Success,

Shehla Karim Realtor,ABR,Certified Stager, GREEN
Weichert Realtors
101 E. Lancaster Avenue
Paoli, PA 19301
W:610-647-5600 x 139
C:610-659-4869
f: 610-717-3296

Visit my web site to search for homes!
http://www.pennsylvaniaareahomes.com
0 votes Thank Flag Link Wed Apr 20, 2011
Well I have not bought a house yet, what i was thinking was to basically go through buying the house as if i would pay for it from my own pocket but then use others rent money to pay for the mortgage. This would be the first time ever buying a house so i do not know really anything about buying houses
0 votes Thank Flag Link Wed Apr 20, 2011
Sure.

If you own (or are making mortgage payments on the property), that's not a problem. Just make sure your community or home owner's association doesn't have restrictions on the number of unrelated adults living in a property.

If you're renting, check your lease. There's likely a limitation on number of residents. Often, the residents must be named at the time of rental. And then there's often a definition of "guest" (such as someone who stays overnight no more than x days per month). If someone is there more often, then they're considered a resident and you'd need permission from the landlord.

Hope that helps.
0 votes Thank Flag Link Wed Apr 20, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Bradley,
My first question is, what do you mean by paying for the house? Do you own the house? If yes, then you can rent the other rooms. In U.Merion township no more than 3 unrelated people can rent at the same time.
I hope I was able to answer your question.
Feel free to call me if you have any other question.
Thanks,

Oh, by the way, I am never too busy for your referrals!

Thank you, Your Success Is My Success,

Shehla Karim Realtor,ABR,Certified Stager, GREEN
Weichert Realtors
101 E. Lancaster Avenue
Paoli, PA 19301
W:610-647-5600 x 139
C:610-659-4869
f: 610-717-3296
0 votes Thank Flag Link Wed Apr 20, 2011
Bradley,
As far as I know there isn't any law against renting out rooms in your home to off set the payment on the home. That is a very economical way to think.
0 votes Thank Flag Link Wed Apr 20, 2011
This is not an usual thing to do. Your renters are your roommates. It is all up to you to claim this as income or not. Depending on what your intentions are you might want to speak to your tax account.

Hope this helps.

Good Luck,
Ivy C. Magsaysay
Realtor
408-431-1249
C21 M&M & Associates
0 votes Thank Flag Link Wed Apr 20, 2011
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