2006-07-02 06:19:15 · 10 answers · asked by ASV 3 in Business & Finance ➔ Renting & Real Estate
Yes.
2006-07-02 06:22:13 · answer #1 · answered by Gravy Czar 4 · 0⤊ 0⤋
yes.. if you have enough of it... but you will have to pay a hight payment are you willing to do that.. and you still have to pay the payment for the rental untill you get tenents in the house.. you also have to do fixing up untill it is ready.. and if you do not get somone in the rental for a few months you will have to pay..
your house payment with a higher rate.. $850. now $1180.
your rental payment $625.
and all the expenses you had to fix the house $ 370.
can you afford all of this on the first month or for a few months.. untill you start making money.. the best way to do it.. is make your rental downpayment cover the charges.. so charge the same amont as the rent.. $625 rent $625 deposit $250. cleaning deposit and $150. pet control per pet ... they will destroy a carpet and to replace it is $1200. when the people move out.. so take that into consideration..
Good luck..
2006-07-02 06:28:59 · answer #2 · answered by sillyatheart3 3 · 0⤊ 0⤋
Sure! Have done it a couple of times.
You'll get a better rate if you rent out your current home and buy a new one to live in. I've done that too. It works out very nicely if rents are higher than mortgate payments and you can get a positive cash flow. This also has the significant benefit of protecting your home from foreclosure if things go badly with the rental property.
2006-07-02 06:53:45 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Sure can. Depending on your situation though the financing might be better served as it's own loan depending on the equity and the interest rate of the equity. If you need options let me know.
2006-07-02 16:35:25 · answer #4 · answered by unclejesse1 3 · 0⤊ 0⤋
You can use the funds from a home equity loan or a cash out refinance for any purpose you choose.
Talk to a mortgage broker about all of your options.
2006-07-02 07:13:23 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes. But if you have good credit and enough reserves you can finance 100% on an investment property.
http://www.lendermark.com/what_loans_are_best_for_investment_properties.htm
2006-07-02 09:56:46 · answer #6 · answered by lendermark1 2 · 0⤊ 0⤋
If it is paid in full you could just ask for a simple loan from the bank -an unsecured loan,it is better-cheak your fico score first.
2006-07-02 06:25:58 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes you can. You have a number of financing options. If you have good credit you can use conventional financing and not hard money.
2006-07-02 06:35:01 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Sure...I did the same thing myself. Go to www.FedFunding.com...I'm sure they can help you out as well.
2006-07-02 11:02:11 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You can but they advise against it.
2006-07-02 06:45:42 · answer #10 · answered by alliepoetesswitch 3 · 0⤊ 0⤋