Quick question: So all I hear is about renting out properties you have a loan on. Now I just got my first mortgage at 2.25% and if I wanted to rent it out what is the process? Should I put it in a trust? May my contract have a waiting period being a USDA loan? Anyone have that answer or should I ask an attorney? And if I want to keep acquiring rentals with notes on them what tips may anyone have for me in getting started? Thankyou
Did you tell the lender this would be your primary residence? If you put the finance property in a trust let the lender know.
My properties have mortgages on them. What does a trust do?
If you got a USDA loan, you signed documents saying this was going to be your primary residence. Wait at least a year, and then I don't know what USDA loan requirements are, but you should.
@Robert Lunt Yeah, you should go back and read the terms of your mortgage. If you bought it as a Primary residence and you immedietly rent it out it can be looked at as mortgage fraud, not something you wanna play around with.
Live in the house for a year, during that time you can read what you signed
Yes I think I recall the closer telling me I had to wait 2 years.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing