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Has anyone bought a home for rental purposes...
in another country? Or at least far from where you live? DH and I are considering this as an investment because housing prices and interest rates are so low right now. We would rent the house out and all we're thinking of for the moment is covering the mortgage/insurance/taxes etc.. If we made a little extra every month that would be great, too.
My cousin would be property manager, although we would probably want to use a "real" property manager for screening potential tenants. We currently live in Italy so the biggest obstacle would be qualifying for a mortgage without US income. I'm assuming there is documentation that could overcome this (our dentist has a vacation home in Miami after all), but we obviously have not worked that out yet.
Thoughts or experience?
Re: Has anyone bought a home for rental purposes...
Thanks for your input. We'd probably be buying in the D.C. area where the market seems pretty stable. But I can believe that it would get competitive almost anywhere.
Do you use a property management company? How do you find/screen tenants from a distance?
My parents have a rental property in their country of origin and have had it for at least a decade. We have a property manager that helps with the screening, but my great-uncle also helps as well. The apartment is very close to a medical school so screening has not been too much of an issue since they are mainly students and barely there to use the apartment.
Otherwise, day to day issues are taken care of by the property manager and my great uncle steps in every once in a while.
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BFP #1 EDD 12/14/12, C/P 4/9
dx: DOR
Clomid + trigger + IUI #2
Everyone welcome.
Keep in mind that your downpayment will need to be larger on a home that is not intended as your primary residence. Just a word to the wise
Lighthouse State Beach, Santa Cruz.
Did not know this. Thank you!