A relative of mine has been living in the US for the last 25 years, and has been looking for a property to initially rent out, but move back home to in time. One has come up, and while he could properly cover the entire cost of the house, he's thinking of putting 50% down (about 170k) and getting a loan for the rest, financed by renting it out for the next 5 to 10 years, and then pay the remaining principal off when he returns. The property is in a very rentable area, and should easily pull in 1600+ a month.
My question is, would the banks be interested in loaning money in this situation ?
My question is, would the banks be interested in loaning money in this situation ?