Username Post: renting out your home
Henri Jean
Posts: 40132
Joined: 04-25-09
Henri Jean

    In response to TraciK

You can buy as many houses as you want as long as you don't accrue over $729,000 in what is actually mortgaged which is very generous.

I still think you might want to consider a lease purchase and put that in your marketing material. Then you get a sales contract and lease together that are dependent on each other and reference each other in stipulations.

SOme people can buy next year after taxes come back or after some occasions when money is coming in and want to rent until they can actually buy.

A lease purchase commits them to buy. I've seen them for up to 2 years to give the buyers time to save up the down payment or do whatever they need to do to actually purchase.

I'm just not clear on the occupancy thing but USAA is very reputable and they would know the current rules and laws on owner occupancy.

It used to be you could not buy rental property to rent out with a VA loan, but once you owned it and it had a VA loan you could rent it out if you lived there a year but that is always changing.

Sounds like they have done away with owner-occupancy requirements which really works in your favor! USAA would know - I've been out of real estate for nearly 4 years and I don't know the current rules.

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