Updated almost 13 years ago on . Most recent reply
Buying house for short term personal residence
Hey folks, I'm wondering if you can add some insight here.
My wife and I will be spending 6 months or so in the town where my parents live. We were thinking that maybe it would make sense to buy something, get a low interest loan as a personal residence, and then leave it with a property management company.
I'm pretty new to RE investing. Is there something I could do with a lease option where I am the lessee? (Something where I take over the owners payments and give myself a pre-agreed price to potentially buy later.)
Or perhaps buy something subject to existing financing to gain some equity?
Looking forward to your thoughts.
Most Popular Reply
Dan Griffin If you find a deal in that particular town, then go for it. As far as FHA, that is in reference to the financing available. FHA/conventional/VA/USDA if you currently own a house that is FHA, then you'll need to go conventional. Since you are looking to have it as owner occupied for 6 months then relocate, you'll want to make sure the restrictions on the loan allow you to lease it after 6 months.