Ok I live in California.. I have a good job here and I want to use it to qualify for a mortgage on a duplex in Texas .. They go quickly and I want to grab onto it before it goes off the market .. I’m not ready to move yet but I wanted to hold onto it for a year or so and get it ready. My ultimate plan is to live in one side and have my in-laws live in the other side. I can take or leave renting it – I can afford the payments either way. I just want to do whatever’s more beneficial to get a loan – I know investment loans you can get from another state but you can not get a personal home loan from another state can you? And if the property has tenants then you can not get a personal loan correct? Advice what can I do ?
What if I purchase as a “vacation” home can it be rented out ?
I just want to know first of all if it’s possible to purchase from another state and it has tenants in it so how would I need to classify it .. vacation or second home or does it HAVE to be investment..