My husband and I are renting a home from a family member. We're getting a really good deal on the rent and want to stay put for now, but we are thinking of buying a house as an investment and renting it. We live near a military base, so rental houses are in demand, and a good thing about renting to a person in the military is that they have to pay their rent or they can get in trouble at work.
I am a stay at home mom. My husband started a new job six months ago. He's only making 44 grand a year, but it's a federal job, and as long as he continues to do well at work, he will get regular pay raises and should be making 80 grand if five years. At the moment, however, we are living almost paycheck to paycheck. The good news is we have 70 grand in savings, no debt, and very good credit, We are also entitled to the VA loan, but I believe you can only use that for a home that you actually live in.
My questions are:
Do you think buying a home to rent is a good long-term investment?
Do you think we would qualify for a mortgage?
Does the fact that we would be renting the house, rather than living in it, make any difference to lenders?
Would doing this make it difficult to get another mortgage in the future? Because we eventually want to buy a house to live in too, just not right now.
Submitted February 19, 2017 at 07:56AM by BurglarOf1000Turds http://ift.tt/2lw3UmR
