Is it okay,if i buy the house and rent out through the management comany,Is it legal or not?

Asked by Mukesh Yadav, 19341 Thu Dec 10, 2009

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4
John Sacktig, Agent, New Jersey, NJ
Sat Dec 19, 2009
Sometimes situations change with buyers. Maybe you bought this house and then had to move to another area.. and you want to keep the house. If that is a scenario, you should be able to rent it out.

You should speak to your attorney for correct advice.
1 vote
Anna M Brocco, Agent, Williston Park, NY
Sat Dec 19, 2009
If you can afford to buy and assume new debt, you can do whatever you want--
0 votes
Michael Cohen, Agent, Philadelphia, PA
Fri Dec 11, 2009
as long as the property is an investment property, you can do what you want. You can not rent out an FHA or if you told the mortgage co, that this is your primary. Make sure you check references with the manangement company, make sure they represent you correctly
0 votes
Renee Porsia, Agent, Newtown, PA
Thu Dec 10, 2009
Hello Mukesh

You just have to tell the mortgage company that you would like to purchase an investment property and what you plan to do with it. It is legal. What is not legal is to lie to a mortgage company by telling them that you will live in the house but then rent it out.

Please let me know if I can be of anymore assistance.

Renee Porsia
Associate Broker
RE/MAX ACTION
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com PHILADELPHIA'S NUMBER ONE SOURCE FOR EVERYTHING REAL ESTATE
0 votes
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