Profile picture for aubbarew

My family and I need relocate but know we cant sell our house, so we need to rent/lease our current.

House. How or what is the process to lease out current house and then buy another in another state?
  • August 12 2010 - Wrightwood
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Answers (4)

get the property leased, sit down with a lender and besure you qualify to carry both properties (the old and the hopefully new)

you may have to let the now income property season a while... but time is on your side... don't rush... your home has dropped so has everyone else...
  • August 13 2010
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I am assuming that you are asking this because you are considering to get a loan to purchase the new house.

Consult with a lender first, having a rental property will impact the amount that you can borrow a lot (especially if you are still paying mortgage on it). Roughly:

Rental Income * 80% - cost = impact to your total income
cost= insurance, mortgage payment, property tax, property management cost, maintainence cost

Your insurance cost will also increase, as you need to add landlord and property management liability. And when your primary residence is out of state, it is also hard to get the rental property covered.

Unless you owe it free and clear, impact to your total income will usually be negative. This reduces the amount that you can borrow to fund your new house.

Also, some lender want to see 1 year or more of stable rental income before they will count it.


Calculate out/understand the options and consequences before you commit to not sell or to buy.

Take care and good luck.

  • August 12 2010
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You may want to consider letting a property management company handle the lease of your current home. Since you are moving out of state, a management company should be able to handle all the details of the lease, collecting rent, and possible repairs when needed. You should be able to use the lease on your home during the mortgage process to offset the house payment on your credit.
  • August 12 2010
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Profile picture for nwhome.us
A local real estate agent should be able to help you.  Many companies include property management in their service package.  It should be pretty easy to interview and confirm a good find.
The local agent should also be able to help you find (make a referral) to an agent in the area where you are going. If the agent is a Realtor (member of the National Association) this process is pretty smooth.
If you are being moved by a relocation company they shold also be able to help you find a local Realtor.
Your rental income will not help you much in qualifying for a new loan.  You should include a lender in your consulting group. 
  • August 12 2010
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