All Forum Posts by: Joe Li

thanks a lot, Matt

Hypothetically, if I purchase an investment property (likely turnkey since I cant be in the locale too often to manage) and the lease is for 12 months and we decide to move in right after that yet the tenant wants to renew, does it mean I have to pay a break-up fee? Is the option to renew always the tenant's one way call option?

thanks!

A follow-up/related question - if I am to purchase a turnkey property that already has tenants and rental, property mgmt contracts in place, can I 'convert' it to our primary-use, own home sometime down the road?

Hi,

I'm really new to RE investing/buying in the US although I'm an investor by profession in other parts of the world/other asset classes. One fundamental question bugs me: it seems that loan providers usually ask about the purpose of the purchase (self-used home vs. renting out) and charge different mortgage rates and fees (that part I understand from having worked in the financial industry myself), but how about the following scenario: I buy a single family home or condo, rent it out for the 1st 12-18 months (since I'm currently outside of the US but already obtained green cards) and move in as our own primary home after that. How do I (or the financiers) define the nature of this property? Will mortgage contracts allow me to change the nature of the property in between? How does the gov't regulate these issues?

In most Asian countries, mortgage rates for 2nd and beyond properties are indeed higher because they are treated as investments. I don't know if that's the case for the US. Since I or my spouse do not currently own any properties in the US, would our first property be treated as 'primary home' even if we rent it out for 1 year or so?

thanks!

Joe