Investor · Las Vegas, NV · Member since 2013 · 16 posts · 8 votes
11y
If you are putting down 20% and buying as an investment property (non owner occupied) there should be no reason why you couldn't start renting it out right away. Page 1 of the RPA here asks if buyer intends to occupy the property, just check no.
Pittsburg, CA · Member since 2015 · 4 posts · 0 votes
11y
I just had a chat with my sister and she states that I have to live in the home (that I plan to rent out) for at least 2 years... before I can actually rent it out to people. Isn't this based on the agreement of the mortgage contract?
Very new at this so I apologize for anything that doesn't make sense.
Investor · Las Vegas, NV · Member since 2013 · 16 posts · 8 votes
11y
as long as you disclose that you do not intend to occupy the property and the lender/ mortgage company knows it is an investment property you will have no problem with that. Typically you will have to put down at least 20-25% for an investment property, other than that to you will be good to go. I have a few very good lenders out here, one that closed an investment property for a client of mine two weeks ago. I'd be glad to send you her contact info if you would like, just DM me.
Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
11y
One thing to consider would be HOA rules and regulations regarding rentals. Some HOA don't allow rentals at all. Some have restrictions to the number of rentals in the subdivision. Others have restrictions on the minimum lease terms.
Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
11y
@Kris Scott How many units are you looking to purchase? 1-4 is still considered residential financing and will be the easiest way to obtain financing when starting out. As long as you purchase the property as an investment you are not required to live in the property. If you purchase the property as a primary- typically you have to live in the property one year.