Initial loan questions for first property.

Initial loan questions for first property.

Albuquerque, NM · Member since 2015 · 1 post · 0 votes

Do I have to live there? Or can I just let the lender know that I plan on this being a rental property? 

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  • Wholesaler · Bogota, NJ · Member since 2016 · 128 posts · 64 votes
    10y

    Sorry Peter, this is going to be a little harsh.  If you want good answers, you have to form a good post.  This is not a quality post.  You need to provide more info.  

    To take some stabs at this, yes, you can purchase a property as a rental right from the get-go.  Alternatively, if you said this was going to be purchased as a primary residence, then rented it out, you won't have been the 1st person in the world to mislead a lender with regards to owner occupancy status, but this strategy has its risks.  

    To decide between the two options, the following things matter:

    your credit

    condition of the house

    your down payment

    if you have a principal residence already

    number of units in the house

    In short, no one can offer you quality guidance without knowing these things. 

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