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Updated about 2 years ago,

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7
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2
Votes
Stuart Johnson
2
Votes |
7
Posts

How can I get tenants to sign a lease before construction begins?

Stuart Johnson
Posted

So I have a duplex I really want to buy but the purchase price plus construction costs puts my loan above my limit based on my salary. Through FHA, my lender said I can use 75% of anticipated rental income as an income source. This allows me to purchase the home with everything included at a price I plan to afford with conservative numbers. The catch is, my lender said I would need to have a rent agreement prior to closing. Does this mean I need to have tenants signed on before I close? If so, how?? I understand the Build to Rent homes do this but I am not a major development company. All inputs are appreciated!

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