Buying A House To Let.

Discussion in Mortgage & House Payments started by ptahm22 • Jan 14, 2017.

  1. ptahm22

    ptahm22Active Member

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    A friend of mine has some amount of money that he wants to invest. He is thinking of buying a house and rent it to someone else but he needs a mortgage. All banks have declined his application since he is renting his current home. If he would have taken a mortgage and live in The House the banks would have agreed, but since he wants to invest they've declined.
    Anyone with any experience in this to give him some advice?
     
  2. Alexandoy

    AlexandoyWell-Known Member

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    In a few years from now, we will be having big money for our old age subsistence and our plan is to buy real estate for renting our. It can be a house or an apartment but residential only because a commercial establishment needs licenses and other legal requirements. The easiest is to buy a lot with structure already, have it remodeled or enhanced before renting it out. I hope this plan materializes. We don’t have any intention to invest in a business.

    With a mortgage to buy a house for renting out, I don't think it is a good idea.
     
  3. Decentlady

    DecentladyActive Member

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    I agree with @Alexandoy@Alexandoy. That is the best way.

    Buy an apartment or a house for personal use and then use it for renting. That's how it works on our area. Alternatively you can own a house/build it for renting purposes.
     
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