New to Board- Semi new investor with questions
Hey everyone,
I wanted to introduce myself since I plan to spend a lot of time here.
My name is Brad and I live and invest in Columbus, OH. I purchased my first flip house (condo) at the age of 20 and built from there, eventually cashing out when I hit my main goal. With that cash out, I bought and paid cash for 3 properties and bought a new house for myself, while retaining my previous house.
Currently, I own my personal home and 4 additional rental properties. However, I am running into an issue. Since I paid cash for the 3 properties and have a mortgage on the other (previous personal home) AND a mortgage on my primary residence, I've reached an unloanable status due to my debt to income (currently at 58%).
I do work a full time job in Human Resources at one of the largest retailers in the world (think specialty retail bra's and underwear, ha!) that provides my primary income with the rentals supplementing, but until they hit taxes for 2 years (I bought them all in November of 2013) then my debt to income remains high.
Any recommendations? I am 24 now and these 2 mortgages are really hurting me, even though I only pay 1. I don't want to hit a stall on acquiring property, but until these rentals show up on taxes consistently, my lender is saying I pay out $3700 a month and only make a couple thousand more a month- AKA, non loanable.
Suggestions?! I'm sorry if I lost anyone, it is hard to sum up. I really appreciate any input.