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Interested in learning more about turning your dream of buying a second home into reality? Use the calculator below to get started.
Main Benefits
Net positive cash flow from renting the property builds up equity and limits the monthly out of pocket expenses
When it is best for you
When you have enough for the down payment, but can’t afford the monthly payment and/or don’t plan on using the property at all.
Main Property Rental ConsiderationsBe fully aware of any HOA or Condo Association restrictions/limitations on renting out the property, such as minimum rental period, maximum number of rented out days, any permission required, etc…. You will probably want to consider a longer term lease for more stability and better long-term maintenance of the property. You should also be aware of the % of units in a condo that are rented out, since that could be a factor in getting mortgage approval of the condo. Also, you should be aware of any tax requirements that may be due on rental income to the city/county. In many condo buildings that are heavily occupied by full time owners or non-renting owners, there could be more neighborhood pressure against renters (like heavily enforced rules and fines)
Main Benefits
Earn some incremental rental cash flow to help offset the monthly payments, provide some flexibility for when you can visit the property
When it is best for you
When you have enough for the down payment, and can make some contribution towards the monthly payment, but could use some additional monthly cash flow to help with the payment
Main Property Rental Considerations
Be fully aware of any HOA or Condo Association restrictions/limitations on renting out the property, such as minimum rental period, maximum number of rented out days, any permission required, etc…. You will probably want to consider monthly leases for longer periods when you won’t be visiting the property, but ensure that you would be able to rent with shorter periods, if needed. However, if in a condo, you should make sure there are no overnight or short term rentals/rental desks that might impact the abiilty to get financing on the property. You should also be aware of the % of units in a condo that are rented out, since that could be a factor in getting mortgage approval of the condo. Also, you should be aware of any tax requirements that may be due on rental income to the city/county. In many condo buildings that are heavily occupied by full time owners or non-renting owners, there could be more neighborhood pressure against renters (like heavily enforced rules and fines)
Main Benefits
You can fully support the extra monthly payment and expenses and want to be at the property more often or don’t want other people using y our stuff
When it is best for you
When you have enough for the down payment and can afford the monthly payment and expenses and will use the property frequently.
Main Property Rental Considerations
If you don’t intend to rent the property out and are looking for more of a home/quiet place, look into the % of the building/neighborhood that is rented out and the typical length of rental terms. Generally speaking, properties with shorter rental terms and greater % of renters may be louder, have more transient/unknown visitors, and could be subject to more wear and tear/amenity depreciation. In many condo buildings that are heavily occupied by full time owners or non-renting owners, there could be more neighborhood pressure against renters (like heavily enforced rules and fines)
Main Benefits
The Ultimate Accomplishment!
When it is best for you
When you have enough for the down payment and can afford the monthly payment and expenses amd will live here permanently.
Main Property Rental Considerations
If you don’t intend to rent the property out and are looking for more of a home/quiet place, look into the % of the building/neighborhood that is rented out and the typical length of rental terms. Generally speaking, properties with shorter rental terms and greater % of renters may be louder, have more transient/unknown visitors, and could be subject to more wear and tear/amenity depreciation. In many condo buildings that are heavily occupied by full time owners or non-renting owners, there could be more neighborhood pressure against renters (like heavily enforced rules and fines)
Talk to a Second Home Specialist
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License(s): Alabama Consumer Credit License 21433 | Colorado Mortgage Company Registrant | DC Mortgage Dual Authority License MLB112516 | Arkansas Combination Mortgage Banker/Broker/Servicer License 101560 | Florida Mortgage Lender Servicer License MLD1715 | Georgia Residential Mortgage Licensee 21045 | Illinois Department of Financial & Professional Regulations MB.6761311 | Kansas Mortgage Company License MC.0025032 | Louisiana Residential Mortgage Lending Licensee | Maryland Mortgage Lender License 18626 | Michigan 1st Mortgage Broker/Lender FL0022014 | Mississippi Mortgage Lender 112516 | Missouri Mortgage Company License License 21-2051 | New Mexico Mortgage Loan Company | North Carolina Mortgage Lender License | Pennsylvania Mortgage Lender License 32852 | Oklahoma Mortgage Lender License ML010110 | South Carolina BFI Mortgage Lender/Servicer MLS-112516 | Tennessee Mortgage License 109381 | Texas SML Mortgage Banker Registrant | Virginia Mortgage Lender/Broker MC-5371 | Virginia Lender/Broker License
TEXAS COMPLAINTS: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.
All loans are subject to credit and property approval. Programs, rates, terms, and conditions are subject to change without notice. Not all products are available in all states or for all loan amounts. Other restrictions apply. The lender/Purchaser is Christensen Financial, Inc. of Florida. Christensen Financial, Inc. is an Equal Opportunity Employer. As a family-owned business, we are deeply devoted to delivering exceptional customer service. If at any time you feel you are not receiving this level of service, please feel free to contact Sara Christensen Adams, VP & Director of Operations at 407 641-0994 or by email: [email protected]
Christensen Financial, Inc. | NMLS ID # 112516 is an Equal Housing Lender - ©2019 All Rights Reserved.
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