Counting Rental income as Income.
I know banks want 2 years of landlord experience before they will add rental income into your income streams. I have started partnering with my dad on some rental units. We just bought a triplex and evaluating a 7 unit building. Right now I have almost no debt other than investments (flips and the triplex), and a good income from my job so it’s not a problem getting financed with me on the loan. Dad has several years of experience land-lording so it’s not a problem for him either.
I want to buy a house for myself in the next year, I’m worried that taking on the debt of these apartments will reduce my buying power. Will a bank allow me to claim the income from the rentals since I am partnered with an experienced landlord?