← Loan Programs
You’re right those most responsible for the ecoonmic debacle are getting a home free pass, and the rest of us are stuck footing the bills. BO Company are doing exactly the wrong things to clear up the mess, and are making things worse than ever.If you refi’d as owner occupied, generally you have to live there at least a year before renting it out. However, you have lived in the home for over 2 years now, and might be able to manage this. Check your closing docs read them thoroughly. You may have to wait a few more months. But it can take a few months to find a good tenant, too.Make sure you can get enough rent to cover mortgage, taxes, insurance and any structural repairs. The tenant on a house rental pays all utilities, and provides all interior and exterior maintenance. So trash, water, sewer, electric, gas/oil, cable, phone, and whatnot are on the tenant’s dime. And the tenant has to mow the lawn, rake leaves, shovel snow, plow the driveway, clean the gutters, wash windows inside out, and do everything that typically comes with care and maintenance of a home.Find a good tenant, and put everything in the lease. Some apartment renters are rather dim when it comes to caring for a house, so make sure they are well aware of a house-renter’s responsibilities.
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