Anyone ever rent out their first home & buy a 2nd home to live in?

Most mortgages that restrict renting- only do so for the first few years. For instance VA says you intend to live there. So, after five years, if you want something bigger and can't sell the old house for as much as you want then you could keep that old house and rent it. But you can't get a second VA loan until you pay that first one off. Your next loan would have to be FHA.

sorry see you looking for trouble.

if husband drives 2 hours each way

then look into renting small cheap

safe apartment till u can find

a quality realtor (sells over 50

units year) to sell your 'old' house.

at that point u can buy a house.

if husband drives 1 hour each way

= stay where u at till market get way

better.

people who do what you wish to do

are folks ending up in foreclosures

of one or both houses.

Renting old house can cost u 'new house'

especially if u do not have extra $$$.

read Total Money MAke Over,

Dave Ramsey to learn from others life

lessons.

good knowledge is good luck.

Yes but home #1 had NO outstanding mortgage.

You need to read your mortgage contract to ensure you are permitted to rent it out.

You need to have enough income to pay all the expenses of both homes when rental is vacant or tenants fail to pay

You need to be able to respond to tenants complaints, make repairs and handle the maintenance.

It is not easy and usually expensive and time consuming

You are entitled to ONE primary mortgage thus if home #1 has it then Home #2 must be a commercial mortgage and that requires 25% down