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Posts Tagged ‘townhouse’

We are planning to rent our town home (would take a large loss if sold) so we can build on land that we owe free and clear (no debt on 80 acres). We plan to use a property management company to manage the rental. The question is will it be hard to qualify for a construction loan/mortgage? Or will the bank take into consideration the townhouse is being rented out and include some of that income when doing the debt to income ratio? Also will having a property management company run the rental increase are chances of getting a loan. Both my husband and i have credit scores over 700. Thanks for any advice.
Our current mortgage is the only debt we have, we have no consumer debt.
In response to taking a loss over an extended period: we wouldn’t take a loss because the rental income would cover the mortgage. Repairs would be minimum and in ten years if we wanted to sell "who knows the market might be recovered".

I have a townhouse that I’m thinking about renting out. I’m preparing to move to Florida within the next 6 months. I’ve been applying for jobs in Florida and I got my first feed back today from one of the jobs I applied to. My girlfriend (lives in Florida) and I are planning to get married next year and I currently live in Missouri. We are trying to save money by freeing up my mortgage to renters and me staying with a good friend until I get a job offer in Florida. I’m currently paying 0 a month for mortgage and plan on moving with a good friend of mine and paying him 0 a month to live with him until I get a job offer. Not only will I be saving 0 with renters but I will save an additional 0 in not having to pay for electricity, water, and cable bill for a total savings of almost 00 a month. I’m also thinking about doing this because it will help pay down on my debt that I have. I just need some advice because renting my house I know there are negatives to that and also too I will give up my privacy by staying with a friend. I need thoughts and ideas of whether if this is a good decision to rent my house. (Note: I’m not in a position to sell my house at the moment financially with paying the realtor fees)