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Updated over 4 years ago on . Most recent reply
Buying Unit for Child to Rent
Hi there! Super newbie here and so thankful for all the great BP advice. My 19yo daughter is looking for her first apartment with a roommate. I'm considering just buying an (ugly) SFH or condo that I could lightly rehab for forced appreciation and she could rent from me. Is there any way to take advantage of the fact that she will be the tenant when applying for the mortgage? Could she be on the mortgage and then it would be considered owner-occupied for a more favorable rate? I'm assuming she really doesn't have any credit to speak of because she doesn't have any car/student loans and pays for everything with cash. Any creative ideas appreciated!
I do already own one SFH that I rent so I'm a bit familiar with the landlord process.
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#4 Buying & Selling Real Estate Contributor
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#4 Buying & Selling Real Estate Contributor
- Accountant
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@Rebecca Rios
If she applies for the mortgage and owns the property...you cant technically rent to her since she also owns the house...
- Basit Siddiqi
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