Quote:
Originally Posted by BMW F22
I headd about the mandatory law stating that you must not rent out the house in the first few years of ownership. A lot of people buy homes and leave them empty for a few years before renting them out. It’s happening all over the Bay Area.
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I've never heard of that law. Typically if you obtain a mortgage to buy a home as a primary residence, the lender will make you sign an "Affidavit of Occupancy" (i.e. stipulating that you must move in within 60 days, and reside in the property for at least 12 months).
If you purchase a home and finance it as an investment property, there would be no issue renting it out right away. Financing the home as a "primary residence" comes with a lower interest rate (less risk) than buying it as an "investment" property (higher risk).