Anyone own a rental property?

YY1 said

Would I do it again, absolutely, and we're currently looking for another property in the same neighborhood. Unfortunately we're losing the "market" to big dollar corporations.

Don't forget about insurance and taxes (we don't escrow), and the fact that you' can't legally claim homestead on a rental property.

Also self employment taxes on your rental income.

...and keep in mind that if your bank finds out it's not your primary residence anymore, they may force you to refinance at a higher rate (like 5-6%) and or/ shorter term (typically 15 years).

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This is not true. Life changes and houses are part of that equation. Example: You are single get married and have 2 kids in those 4 years. House is too small now so you can buy another one that better suits your family's needs. FHA will even allow you to have 2 Financed Properties in this scenario even in the same City!
So in a nutshell, they can not force you to refinance that is against the law. He can prove that it was his primary residence for 4 years and that is more than enough.

Remember this property is in California.... It will rent out as fast as In & Out is flipping burgers!