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Updated over 2 years ago,
Buying new home; Renting out old home
Hello BP,
I am looking to get started with RE soon. My wife and I are moving to Columbus , GA in the next couple months and are looking at homes to buy in hopes to live in for a year or so, then buy a new home and lease the old one to a tenant, or rent it in other ways ( airbnb, etc.)
In my head I see this as a very passive way to get started, which isn’t how I’d like to start in my RE tenure, but with my new job requiring a lot of my time, I see this as our best option for now.
Questions: Does anyone have experience with buying new homes, living in them as the primary residence for the x amount of time banks require, then buying a new home and renting/ leasing it out and continuing that process?
How long do you need landlord experience before you can count income from the old homes rented/leased toward my DTI ratio ?
What are some other things to consider when doing this kind of REI?
If this plan is plausible, I want to do this for a few years to dip my toes in the water with being a landlord before trying a new REI style like flipping/multi family homes, BRRRR, etc.
Thank you for your time! And if anyone is in Columbus and wants to meet up in the future, don’t hesitate to PM me