| Author |
Renting a HUD Property
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| Lurray 2005-11-10, 3:21 pm |
| Hi,
I recently bought a HUD property as a second home 100 miles far from my
primary home. The main purpose of this purchase is to rent it. However
I heard that it can not be rent it out for a year or so. Is it true ?
Any suggestion would be really appreciated.
Thanks,
Lurray
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| Have you considered reading the contracts you signed?
"Lurray" <Lurray_j@hotmail.com> wrote in message
news:1131648348.156566.199140@g49g2000cwa.googlegroups.com...
> Hi,
>
> I recently bought a HUD property as a second home 100 miles far from my
> primary home. The main purpose of this purchase is to rent it. However
> I heard that it can not be rent it out for a year or so. Is it true ?
> Any suggestion would be really appreciated.
>
> Thanks,
> Lurray
>
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| Texas REKing 2005-11-12, 8:21 pm |
| I am a broker in Texas. It is true that you are not "supposed to rent
it out" Technically you are not even supposed to buy it during the
owner occ period if you dont intend on living in it. However, intention
is a broad word. I wouldnt do it ever again because one of my investors
got fine $25,000 for mis-representing himself. He did it alot though.
You will probably get away with it once but seriously, dont do it
anymore.
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| Lurray 2005-11-14, 11:21 am |
| Thanks for the suggestion. Yes, I read the contract and did not see any
clause on it. I am not a legal expert or neither have a experience in
this field. Any suggestion would be great help. I think I will go with
Texa REKing's idea. If there is any other options, please post it.
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