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Updated over 17 years ago,
newbie
First off i would like to say this site is the best thing that ever happened as far as REI goes. I just purchased my first investment out in PA and was looking to put it up for rent.
The problem i think i have:
I brought the property as a primary resident instead of as an investor. (did that to avoid puttin 10%down, and reserve.)
I do plan on buying propertie as an investor in the near futuretho ...
Well anyway i wanted to know if there are goin to be any legal issues as far as renting out a primary residence. Are there thngs i have to change ie. insurance. will the bank change my terms of agreement if they know?
I spoke to an attorney briefly he and he said its not a problem. i also mentioned that i have an LLC and wanted to run the property thru my company. He told me its fine and that i can just sign the property over to my LLC and pay the transfer tax. Can i do that and keep my terms with the bank?
Can anyone help me get a clearer forecast. Thank in advance for any input.