How hard is it to refinance your home as a rental property?
Our current mortgage needs to be refinanced no topic what we choose to do, but we are taking into account using the home we live in as a leasing and buying another house to live in. Our mortgage now requires that we live in the home. How hard is it to refinance as a leasing property? Our credit is excellent. Has anyone out there done this?
Most lenders will just require an assignment of rents and leases if you have checked zoning and gotten the permits and the equipment needed to set up a leasing property in your disorder
I do this each few years. My parents have done it my entire life. I grew up in houses being “fixed up”. You won’t have a problem. My parents now live entirely off of rent, and live very well.
This is not a problem. In CA you don’t need any permits, I don’t know where the other poster lives, but I have never heard of that.
Some HOA disallow renters, so you need to check that if you are in one of those communities.
The mortgage gets redone as an investment, which changes your taxes a bit. Use a tax professional to keep it straight and get all of your repayment.