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A few things to consider:
1. If it’s a condo vs house, check your HOA rules around renting.
2. If you have a mortgage on your initial home then your mortgage company might force you to change the mortgage type to a rental property loan, which normally have a higher interest rate.
3. Be aware of the tax implications (and advantages) of rental income and expenditure.
4. Understand eviction laws and yours and the tenants rights in the state you live in.
5. Be very selective with your tenants, I have had great tenants and also ones that are a total pain in the ass!
6. Get to know a handyman that can do all the small tasks while you are at work. Blocked sink / toilet, gardening etc.
Overall it isn’t too difficult or daunting....good luck!
It varies based on your overall financial situation. I have use mortgage brokers in the past that can advise on the rules that different lenders have.
Couple: 1. Maintaining debt/income ratio, 2. Signing-up a lease on your first place prior to purchasing the second home.
Thanks do you know if there is any income to mortgage ratio they look at when determining if you can afford 2 mortgages? I don’t have a renter yet. But I may need to move quickly on this new property I’m looking at