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He Has Rentals |
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i own two sf homes, i presently live in one, the other is rented out with not much profit. i want to relocate, i have my residence up for sale with not much luck. how do i go about getting a mortgage even if a am able to rent out my present residence. i have never missed any mortgage payments. |
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When you apply for a new mortgage in your new location, the lender will give you credit for the rental income you can expect from the two houses. That should help you qualify for a new loan.
But if you're moving more than an hour away, let me caution you that it's very difficult to be an absentee landlord. Of course you already know something about Landlording, but I would urge you to think twice about keeping the rental houses unless you have someone right there who will manage them for you.
You might be better off selling both properties and starting fresh.
As for your present house not selling -- anything will sell if the price is right. Reduce your asking price to a level that attracts buyers. |
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Edith
Originally published on May 2, 2008 |
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