Profile picture for CBOY

Hi, I just bought a home for primary residence, Can I rent it out for 6 months? before I move in t

I just bought a new home for my residency, can i rent out the house for 6 months before i move in the house.
  • May 13 2012 - US
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Answers (2)

Profile picture for Ofe Polack
With respect to the previous answer you received, I would consult this situation with the lender.  I am sure that if you had told your lender that you were going to rent the property for 6 months your rate would have been different..  Beware, because your insurance will also change if you put tenants in it before you live in the property.
  • May 14 2012
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Profile picture for HankFeeney
If you are in a condo, co-op, or HOA; check your documents, because many times there are restrictions on renting the property. i.e. you must reside in the unit XXX number of years/months before you can rent. If the unit is a regular independent home. You should be fine.If you are planning on using this unit as an investment property for the future, you may want to consider creating a for-profit business entity(i.e. LLC or S-Corp) to own the property (of course you own the business) to legally protect you and your assets in case of any problems.
  • May 13 2012
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