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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127262  
Subject: Re: question: down payment on my first home Date: 5/16/2013 1:25 PM
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I am trying to do is PROTECT myself by modifying a legal document BEFORE I sign it so that IN CASE that I am not able to live in the property that I am about to purchase I can legally rent it out. And I have reason to believe this might happen.

Then good luck getting a principal residence mortgage without committing fraud. You seem to think that you can alter documents to give yourself sufficient wiggle room AND get the mortgagee to agree to the alterations. Ain't gonna happen.

You can buy something intending to use it as your principal residence and have temporary work absences without renting out the property with no problem regardless of what you've signed. BTW, do you really think short-term rentals are a good idea? Or are you planning to use your first "away" work assignment as an excuse to lease the property? Which reminds me, what kind of employer makes people travel without paying travel expenses? You might be able to negotiate better employment terms given your self-described experience at altering employment contracts. Maybe the problem is that you need a different job. After all, if your travel expenses are paid you wouldn't have to get extra cash from renting your principal residence.

You can gripe all you like about Ginko's inference, but be assured there's at least one other Fool who comes to the same conclusion. Your story doesn't pass the smell test.

Phil
Rule Your Retirement Home Fool
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