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Updated almost 8 years ago on . Most recent reply

User Stats

8
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1
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Alan Byrne
  • Dublin, Ireland
1
Votes |
8
Posts

I need advise on house hacking. Can you help?

Alan Byrne
  • Dublin, Ireland
Posted
Hi guy's. I am saving up money for a down-payment to house hack. I live in Ireland so laws might be different, but I have heard that if you take out a mortgage and live in the property for one year you can then move out and rent it out. This is what I would like to do. However, I went down to my bank today and they said that in order to get a mortgage as an investment, you need to earn €70,000 per year, which I don't. I am just wondering if I get the mortgage out anyway just to live in the home can I eventually rent it out and if so, how long will I have to live in the property? The mortgage adviser wasn't very helpful and told me that I should just focus in generating the money for a down payment and then go from there. As someone who wants to invest I want to know every step I must take, both before and after I purchase my first property. Any advice would be greatly appreciated.

Most Popular Reply

User Stats

265
Posts
123
Votes
Jeff Sprunger
  • Lockport , NY
123
Votes |
265
Posts
Jeff Sprunger
  • Lockport , NY
Replied

stop telling banks that you want to be an investor.  just get an owner occupied loan, live there for a time, then do what you want...

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