OfflineSomeone told me it is hard to own more then one house because banks don't want you to have 2 mortgage's that your salary can't cover. They consider you over extended financially. I know many people in the dg family have more than 1 property. Is there any secret to it?
__________________
Talk to a lender. They go by DTI (debt to income) to determin if you can afford more debt. You can also include a portion of received rent as income. Some lenders limit how many mortgage loans they will allow.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
That it's hard to get past that magic 4 number. I think they only give you credit for 75% of the rent?
My broker will only allow 75% of rent as income.
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
75% of the rents is all the any mortgage company will allow. Now to get past the magic 4 number (which is now a regulation of fannie and freddy) look at more local banks and credit unions that hold the mortgage notes in house. They will have different guidelines
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Also, will the mortgage company only allow 75% of the rental income if you can show rental experience of at least two years?
Free Lead Generation
Sign up to become a Bird Dog