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Reply to "Buying a second home without selling the first"
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[quote=Anonymous]I have done this several times and can work out fine. Before I have a ratified contract on my home I start marketing the old one on craigslist. Sometimes you can get a lease signed even before the offer is accepted on the new house if you live in a good rental area. Remember that only 3/4 of the rent will be considered for income so make sure the numbers work for you. They assume the 1/4 is for up keep and other things. From your numbers you should be fine. The biggest problem is the logistics. If you were to rent the place it will usually be for the last week of month or first week of month for move in. You have to make sure your closing date works with that or there is a big gap between your closing on your home and tenants move in date. You may want to push lease start a full month or several weeks out from your closing date just incase things slip. If you can get a sign lease and a deposit you will look even better to your lender with the extra income.[/quote]
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