Quote:
Originally Posted by Duchesse
Depending on how much of your cash you use for the downpayment and your credit score you can probably qualify for a mortgage. Since it's not your primary residence it can be bought as a vacation home or an investment property if you rent it out.
But before you do anything think long and hard about renting out of state.
I'm no Donald Trump or Leona Helmsley but I have done some real estate and renting in another state is a NO NO especially for a novice. 
Who will you call upon to manage and maintain this property while you reside out of state? What will you do if they don't pay the rent and ignore your phone calls and letters?
You said you plan on selling it later. Family members might resent you getting it so cheap and selling it for a profit.
The numbers $$ sound right but the circumstances could be wrong.  |
vacation home or an investment property? What is difference when it comes time to get a loan? Different rates? More needed for down payment?
Which is better for my situation?
As far as renting and maintenance, my father still lives in the area and is willing to monitor/maintain. If i do decide to sell later on down the road, I'm sure the family members that remain will not object.
Thanks!!!
