Can I Buy a House While Renting My Old One?
Buying a house while renting out your old one is perfectly legal, although you should be aware of certain issues. For example, your rental property doesn't necessarily have an effect on your new home unless you are using your rental income as a qualifying means for a new mortgage application. Alternately, you may choose to use equity vested in the rental property as a down payment for your intended purchase.
Landlord
Like it or not, becoming a landlord makes you a businessman who must deal with the accompanying headaches and benefits. Before turning your old house into a rental, ensure you are well versed in building code requirements, non-discrimination laws in finding tenants and the applicable process to pay income taxes on your rental income. While there are many deductible expenses associated with rentals, the Internal Revenue Service, or IRS, generally considers rent payments received as income.
Property Management
A way to reduce the the responsibility of being landlord is to turn over day-to-day management of the rental to a property management company. You can expect to pay about 10 percent of the gross rent for this service. Whether or not the benefit is worth the cost is a decision only you can make, but at least be aware that the option is out there. Your real estate agent might be able to offer a recommendation.
Mortgage Qualifications
The fact that you own rental property may or may not be of some value to your loan application when it comes to buying a new house. In most cases it won't make or break a deal, but will probably be looked upon by your loan officer as a minor factor. Your credit rating and history have a much larger impact on the decision. Banks are more concerned with an adequate income to make the monthly payment. A tenant in place with a one or two year lease may actually work in your favor.
Ownership
The simplest scenario when it comes to renting out your old house while buying another is that you already have the rental property paid off. If not, you face the prospect of two mortgages. The bank might not look at the rental income as much of a benefit to your new mortgage application since the funds will go to your first mortgage.
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