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InvisibleLunarEclipse
Enlil's Official Story
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Registered: 10/31/04
Posts: 21,407
Loc: Building 7
Re: buying foreclosures, and renting them out [Re: ZippoZ]
    #8046390 - 02/20/08 08:46 AM (15 years, 11 months ago)

Quote:

yeah, i think that lining up a renter before i buy the house would be a big plus.




dream on...


Edited by LunarEclipse (11/16/08 03:29 PM)


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InvisibleGoodbyeOrb
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Registered: 04/09/07
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Re: buying foreclosures, and renting them out [Re: ZippoZ]
    #8046782 - 02/20/08 11:12 AM (15 years, 11 months ago)

Quote:

Capatalistc nomad said:
yeah, i think that lining up a renter before i buy the house would be a big plus.




Drafting a lease on a piece of property you don't own yet is tricky, and the bank will not give it any consideration unless you have a signed lease, as letters of intent are not legally binding on either party. Ideally though, if you knew someone you could count on to lease it, then put it under contract, you could then right a lease contingent upon your closing, and the bank would consider that into their financing decision. That would ideally be the best way to go about it.


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InvisibleLiz
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Registered: 11/16/04
Posts: 6,962
Loc: Massachusetts
Re: buying foreclosures, and renting them out [Re: ZippoZ]
    #8073063 - 02/26/08 03:22 PM (15 years, 10 months ago)

Do you already own property? If not, you're going to have an issue purchasing a foreclosed home with the intent of renting it out. Most banks will not allow you to buy "investment property" until you've demonstrated the ability to pay the mortgage on your primary residence.


--------------------
Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.




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