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How do I buy a house and get my current one rented? My friend does this and has three properties.

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October 18 2011 - Newark
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Hi. There are several webites you can use to adverstise a house for rent and you would be surprised at the response you will get back. It's just the way people do things, today. Depending on the markets and your own situation, you might even be able to get more for rent than you are paying on the mortgage. Good luck!
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December 09 2011

Many banks will approve you for a mortgage to buy another home if you provide proof (a signed lease) that someone has agreed to rent your current home at a price that covers the monthly mortgage.

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December 03 2011
Your current financial postition and goals will determine the best way to approach this.
[self promotion deleted by Zillow moderator.  Please see our Good Neighbor Policy]
regards,

Richard Breglia
Coldwell Banker Residential Brokerage
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October 27 2011
Ask your friend.
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October 27 2011
Hi, You would really need to speak with a professional that you trust.  There are many things that would need to be factored in.  The typical rule of thumb these days are as follows:

If your current home is financed as a FHA mortgage, you would need to re finance conventional if you wanted to finance your new purchase following FHA guide lines as FHA currently will only allow one owner occupant mortgage per person.

If you aren't able to refinance you would need to use what is called conventional financing which will require a down payment in most cases of at least 25%.

You will also be required to have 6 months of reserves in the bank to cover both mortgage payments.  For example of your current mortgage payment is $1000.00 per month  and your second mortgage payment is $100.00 per month you would need to have $6600.00 in the bank.

The standard for "investment" properties have become very strict in the last few years.

There are other options that may be considered but come with risks and would need to be very carefully considered such as owner financing or using a hard money lender.

If you'd like more information I'd be happy to talk with you as I work with many investors who either buy and hold or rehab.  You can contact me via email or phone.

I hope this helps you.  :)
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October 27 2011
Craigslist is always a good bet....and it's free.
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October 27 2011
Check with your mortgage lender/broker on requirements for having rental income counted on your existing home.  Rules of thumb are that they will only count 75% of the income and you must have at least 20% equity in the house. 
For the new home, you must be able to qualify for the payments under the standard lending rules...
We have a great mortgage broker in our office who can walk you through this with your specific details.
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October 26 2011
Hi Kevfal3, In order to do that, you would need to talk to a mortgage person. They would find out if you can borrow enough money to buy another home, unless you have cash;)
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October 18 2011
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Save up a 20 to 30% down payment. 

Have sufficient income to cover both the mortgage for the home as well as the rental.

It takes time, but it can be done.
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October 18 2011
 
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