unabonger, Home Buyer in Texas City, TX

I bought a second home six months ago, but have fallen on some financial problems. Is it possible to rent out?

Asked by unabonger, Texas City, TX Mon Jun 30, 2008

the property now or do I have to refinance it to an investment property first?

Help the community by answering this question:

Answers

3
Keep in mind that your mortgage company may be a factor. If it is a primary residence, some lenders may have restrictions with home rentals.

Regards,
Chad Roberts
Broker/Salesperson
Realty One Group
0 votes Thank Flag Link Tue Jul 29, 2014
You can always rent , but the question is : the rent covers the payment, or not? How much you can accumulate if you rent the property?Is your situation is temporary?
The prices of homes in Las Vegas are up at least 10 %, compare few months ago. Of course is depends of the area, but you need to think also selling your property. I do not have the addres, but if you are intersted I can provide you with complete analysis, after compare the prices in area, and also the rents.
Feel free to call me,
Aneta Ivanova
0 votes Thank Flag Link Mon May 6, 2013
Una
A couple of suggestions:
If you plan to rent the home out for a short period of time, you may not need to worry about re-financing. If the financing you have is based on you occupying the property (owner=occupied), and that status is going to change to an investment property, then it may be you will have to re-finance.

I suggest discussing your situation with a couple of Realtors. Compare their answers to your questions, including "what are my options?". what is market value, what rent income could I expect?
Also, I would discuss any major changes with my CPA. It sounds to me as though it would be good for you to know up front any impact this decision would have on your tax situation.

Email or post if you have more questions.
0 votes Thank Flag Link Mon Jun 30, 2008
I have read all of the answers above and my opinion is just a tad different.

Our business partner is a local Las Vegas attorney and I am sitting here with him now as I type your reply.

If you purchased this home with the intent to live in the home as well as you took the loan and signed the loan in good faith with the intention that the home was going to be your primary residence than great! Your intentions six (6) months ago were good and not in an effort to lie and or deceive the bank and or mortgage company.

You're fine. Go ahead and rent it.
Flag Fri Feb 13, 2015
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer