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Doesn't the occupancy clause usually only require you to live in the home for 1-2 years?
Renting seems like it would be a pain in the ass, I thought about it the house across the street is foreclosed and dirt cheap but it would take 5ish years to brake even would be a good long term investment
That's a good deal, I have thought about buying another house but I hate the thought of making double payments if someone dosnt rent it or if they are dead beats it takes 6-8 months to be able to evict someone and you have to take them to court to make it happen, my wife's old boss has 6-7 rentals and he hates them because of that
usually, but it can vary from lender to lender.. which is why I told him to check his docs. For some reason my clause did not have a end term, only that I occupy the home within 30 days of closing and then notify the lender should my occupancy status change.
I never notified them, other than to change my billing address.
Dude, for double your mortgage and taxes you would be dumb not to do this. Even if you have to rent something yourself for a while.