Shot Down
Posted on February 8, 2006 - Filed Under Housing |
"Are you freaking nuts?!? Where are you going to live?" The Real Estate Agent asked me after hearing about my master plan. What is the master plan? I’m glad you asked. The master plan was simple: rent out the front house thereby raising my income level significantly.
"Minor detail." I responded.
Apparently, it’s not. If the house isn’t owner occupied then I immediately have to have 20% to put down for the refi.
Apparently, this is not an option for me.
But Real Estate Agent did laugh. The thought of me living in my car was appealing to him.
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KERTHUMP!
It's 2 a.
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One Response to “Shot Down”
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Wait, wait, wait. WHY would you have to put down 20% and refi the property? I don’t think you’d have to do that at all. Sure, you bought the house to be your primary residence, which gave you a better deal on the interest rate and loan amount. But, there aren’t many banks on this planet who have the time to track you down and call your loan due simply because you found a better place to live and didn’t sell this house right away. I’m not saying it’s 100% safe, but we did the same thing you’re thinking with our first property. I bought it to live in, found a better place, and kept my original financing on the first house. Our REI biz bought it from me as a Sub-to. The way our attorney explained it to me was this: as long as you’re still performing well on the loan, they don’t have a reason to take a second look at you. Just be on time and regular with your payments.