All Forum Posts by: Tiffany Robinson

My intentions was to live in the house for a year or so. I am feeling very positive about this investment. I am 31 and have been dreaming about real estate since I was about 20. I live in an area where the real estate is booming right now. A lot of houses for sell at nice prices, some needing rehab and other not so much. The issue is some of the areas these houses are located need to be cleaned up a little bit before a decent tenant would live there. I am fortunate that this house I want to purchase is in a nice area where the house could initially rent from $800-$900 a month.

I have started researching similar homes in the area and it seems that $850-$950 is the average rent and the tenant pay the utilities and so forth. I would definitely be able to pay back down principal.

I have read on some forums that depending on the loan, you may have to reside at the residence for a minimum of three 3 years. I guess if that would be the case that isn't horrible. How does that process typically goes when you want to change your primary residence to a rental property?

I have found what I think to be a great opportunity to start with buying a home to use as rental property. The home is $30,500 with no work needed, 2 bedroom 1 bath, attic, and finished basement along with parking available in the rear of the home. The seller only want $2000.00 down, He is putting $2,000.00 toward closing cost, $1000.00 moving expenses and the mortgage is $300.00 a month. My questions is what happens if I would want to live there for about a year and then use the home for as a rental property.