- Joined
- Apr 8, 2013
- Messages
- 61
Hello All:
We are considering buying another house and renting the one we currently live in. What do we need to do in order to get this done the right way and what are the consequences if steps are missed? I know we need to change the insurance policy to reflect a rental property policy. However, do we need to inform the bank of this new change of use? Would the bank care? Do we need to have 20% equity in the property before we can rent it out? Any and all advise would be greatly appreciated.
TJ.
We are considering buying another house and renting the one we currently live in. What do we need to do in order to get this done the right way and what are the consequences if steps are missed? I know we need to change the insurance policy to reflect a rental property policy. However, do we need to inform the bank of this new change of use? Would the bank care? Do we need to have 20% equity in the property before we can rent it out? Any and all advise would be greatly appreciated.
TJ.