Purchasing as Owner/Occup.

[Goldmund]

If I buy a condo in a different city from my own.  Buy it as Owner/Occup.  Move in, then decide to move back to original city after about 3 months, can I rent out the condo without getting the mortgage company suspicious?? or what about HOA's.. usually.. are there restrictions on buying condo's as owner/occp. then switching to rentals??  

I am doing this..  but come september I'll have a great job advance (hopefully) and will need to move back.. i don't want to screw myself but am already in escrow.. and I love the place..

[Las Vegas Real Estate]

   Is this a will I get caught question, or is this a, am I doing the wrong thing question?  The simple truth is you can buy a place owner/occ, sign the loan docs and 5 minutes latter decide that you don't want to live there anymore. When I bought my first condo, I knew I would be renting it in years to come. Should I have bought as an investment?  Here is something to think about.  When I move to Nevada from Cali. I couldn’t fund the loan on my primary residence as owner/occ.  I didn’t have a paper trail proving that I was going to live here, so I had to buy as a 2nd home. So to buy the place I was moving into,  had to lie and call my house a 2nd home.   ??????? OK.
   Just  do what you think is right.

[aak5454]

job relocation is certainly a valid excuse to have to move.  Since you said"hopefully" it means it might change.  Who knows what will happen tomorrow; your employer could go bankrupt.

Unless there is a really strong paper trail to support this relocation back to yoru orginal city (like you knew out-right it was temporary), I would not worry about it too much.  Even then you are probably OK.  People move all the time on short notice for jobs.

[Goldmund]

I guess this a will i get caught question cause I'm going to do this and I'm pretty sure I'm getting this job in a few months.. but not 100%..  I know vegas condo conversions have rules on renting a condo within the first year.. I was wondering if that is common amongst regular condo associations.. I'll find out monday when i get the ccr's..

but.. if the job doesn't happen.. i'm fine with staying in my soon to be new home..

thanks for the responses..

I love this messageboard..

[Las Vegas Real Estate]

What the builder is trying to accomplish with the no renting within a year rule is keeping a desirable community.  If their are no renters in a community, pride of ownership tends to be higher, consequently making the community nicer.  The builder can get you to sign a contract stating you won't rent your condo for the first year of ownership, but it would never stand in a court of law.  It goes against the Owners Legal Bundle of Rights.