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Updated almost 4 years ago on . Most recent reply

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Gabriel Cintron
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Rental before moving in

Gabriel Cintron
Posted

I am currently in the works of moving from New York to Florida. My wife is in school to get her Doctorate and I am going to change jobs once she gets her career started in Florida in approximately 2 years. Our incomes will remain the same, or increase, after the move. I am curious if I can buy my primary residence and rent it for the two years till we move there, since we have some downpayment now. It will be my primary residence over the long term, but seeing rising housing prices at approximately 10% per year in the area im looking at, if I can rent it dropping loan amount owed and gain equity with the overall market it seems like that's the way to go. I just do not know if it is legal. I do intend to live in the house for a long time, but I do not know if there is a specific rule that makes this an investment property only because of the rental in the beginning. Thank you in advance.

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