Getting Pre-approved for a investment mortgage

[Clavel Nelson]

Hello guys, I'm trying to complete a pre-approval request for a multifamily. Full disclosure I don't have all the numbers. It's asking about potential rental income. Question: should I pinpoint the property before I check to see how much I could qualify for? If yes, how do I find out potential rental income? 

Thanks Clae

[Lauren Cutchen]

Start talking to a few lenders. They will help you determine how much you can afford for multi-family. Not only that, but if you find a property that has tenants already in it, you can use their rental income to off-set some DTI. For instance, there was a fourplex I helped close on for a client, and he was able to use 3 out of 4 units for rental income to use towards his DTI. He is occupying the 4th unit. It's possible to do this working with the right lender to see what your possibilities are.