In Nevada is it legal to buy a condo and then rent it out?

Question

Just like you would with a house; rent it out whil paying mortgage on it, but with a condo. Is this allowed? Is there anything that would stop me from doing this? Thanks!

Answer 1

Yes, I believe that is legal in most state, you own the condo, you can rent it out, unless there is some agreement with the homeowners association, in which case you would have to read the HA by-laws (or whatever they are called).

Answer 2

It actually depends on the rules of the condo association and your mortgage company. You can pay cash and do what ever you want as long as association says it is ok. If you go through a mortgage company you would actually have to buy the condo as an investment property or 2nd home. Some mortgage companies won't give 1st time home buyers investment or 2nd home mortgages without the house/condo actually being used prior to closing. This I know because my husband and I just went through it with 3 different mortgage companies.....Ditec.com, and House Hold Financial are 2 of the ones we have dealt with for investment and 2nd home mortgages. I hope this helps you a little. I would also suggest calling a mortgage company that you might want to go through they can answer just about any of your questions for you.

Answer 3

Yes it is legal unless there is a restrictive covenant on the property. You can find that our by looking on the title report or by going to the recorder's office for your area (usually your county). A restrictive covenant is a document that governs what you can and cannot do with the land and automatically governs your rights when you buy the property. Most restrictive covenants do not have a complete restraint on renting the property but do have a restraint on the amount of time or how many people in a certain area can rent. Also you will probably have to give a copy of your lease to the entity that governs your neighborhood. If no restrictive covenant then you most likely can rent your condo.