Having trouble selling my home and I know a good percent of is a lack of motivation from my realtor.

All of that made me think. I have a good chunk of equity here and my interest rate is good. I could rent it instead. I need a home in our next location though. So how easy is it to buy a 2nd home when renting the first? My parents will be moving in with me so I can use the family opportunity mortgage for the 2nd home?

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You would need to prove that you can rent it out for more than what the monthly mortgage amount is. Then show them a contract someone signed agreeing to rent and the deposit. Once the bank verifies that then they’ll look at your debt/credit ratio and let you know the amount you’re approved for.

It's not that difficult at all. Go ahead and start marketing it for rent now. I did all my own through Zillow marketplace and redfin. Just make sure to create a detailed posting with a good amount of pictures. As long as you're covering your mortgage, you're in good shape. Anything over that is a plus and I would keep a separate account that you accumulate the surplus in as you will have to do some upkeep when one tenant leaves and another moves in. If your parents are going to help out with small stuff, like cover a utility bill for example, it might be worth your while to have them write a letter saying they are going to contribute $500 a month (for example) towards your expenses to help with your new mortgage process.

It's not hard at all, except you still need that Down Payment for the next place. The lender will tell you what evidence they want. I'd get outta here, and start talking to lenders re: preapproval for your second property. I've done this, but because my accounts were all in good order I never had to take a hard look at the requirements (I could float both old and new properties on my salary alone if I had to, which I think made it easy).

Yeah, the down payment is the hard part of pulling this off. If you need cash from the 1st place to buy the second, you’ll need to figure that portion out now.

Provided that the rent is strong enough to cover the mortgage, a signed lease will go a long ways towards qualifying for the second property.

I couldn’t sell our place (for the price I wanted) despite having a great realtor so I rented it out. It was a blessing in disguise. Use Zillow rental manager - makes it easy and it’s free.

Do you have someone to manage your property. Also if the realtor is unmotivated to sell what makes you think they'll be motivated to find a renter?

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