MysteryMan question : real estate investing question ?
If I put a deposit on a house, I can immediately begin to hire to help with the rent, pay the mortgage? Is this feasible or are missing me some momentum? It must be a disadvantage. Please help if you know something i dont. If there remember a stupid question, only 23:) Best Answer:
Response Young T
I bought my house with a down payment and borrowed the rest of my tenants are paying the mortgage with the rent. it is a good example. in a few years, the value escalated and I will sell.
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I will answer this from a lenders standpoint since I do mortgage loans. If the loan program that you qualified for stipulates that you are an owner-occupant, then in theory you are supposed to live in it. However, If you are stating that the property will be an investment property then that wont be an issue but keep in mind that the requirements for an investment property are higher as will be the rate. Also, you will be ultimately responsible for the mortgage. Good luck
The house is yours if the contract says so. Usually a down-payment is just that.
When ownership has transferred you can rent it out and pay of your mortgage.
Yes it’s possible.
No, you must first close on the house, adn then when it comes into your posession, you can begin renting it. You must close (take posession) first, and that will require you going to the closing after your finaning has been obtained for the mortgage. You must also have proof of insurance for the mortgage company and a number of other important items. Check with a real estate agent.
what kind of loan are you took?
if you have investment loan – yo u can rent the house right away.
if you apply for primary residence loan- you have live in this house for 12 months, before you can rent out.
It depends on whether you got got the loan at terms for an owner occupied dwelling or investment property. Congrats for starting early.
It sounds like you want to do this not that you have done it so with that in mind. You need to make an offer, subject to financing, that allows you to rent the property, sublease the property and do showings to prospective buyers as you proceed to and prior to closing. The down payment does not allow you to do anything; the controlling instrument that allows you to do what you want to do is the offer to purchase. Make sure that on the offer you address the issue of the doctrine of merger so that you are protected from errors in the closing instruments versus the original meeting of the minds on the offer.
Good idea, and even better that your starting early ! If you want an online chat come over and ask me.
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