Move Every 2-3 Years and Rent Out Last Home

[David Ko]

Hello,

I'm interested to hear if anyone has moved every 2 or 3 years and kept their last home.  I am in Washington DC proper where homes are very expensive.  We are looking at condos in the mid $600k range (10% down) and hope to move every 2 or 3 years while keeping the old place to rent out and buying another.  Has anyone here had experience in that?  If so, how did you get financing without using future rental income as a qualifier?  Did you have to refi your old place into a commercial mortgage?  These would not be candidates for renovation.  Any insight would be great.  Thanks!

David

[Chris Mason]

Hi @David Ko @Yannick Tuwamo @Peter Forrest, and other Real Estate Nomads,

You actually don't need landlord experience, any particular amount of equity, or tax returns showing rental income, to count the rental income. 

That's an overlay.

Lease agreement with a move-in date a few weeks after close of escrow, with proof of security deposit made, will do just fine. Fannie only, not FHA/VA. Keep calling lenders until you find a REI specialist in your market.

Hi @Russell Brazil,

Sorry to make more work for you, but to meet typical contingency dates you've got about a week from going into contract to find the tenant, get the lease signed, and the security deposit made. :P