New Investor / Rental Property owner Questions .......
Good Evening,
Just wanted to ask and run by a few questions, regarding some general Investor and Rental Properties .....
1. Once you start receiving Rental income , How long do you have to wait, before a Lender will let you use that Rental Income as your own Income .
Say you clear $500 a month from a Rental property , and have had a renter renting that property from you for 4 months at the time that you go in to the Lender to try and get another Loan for another Rental Property...... will they likely use that $500 that you're making from the Rental, " Go Towards " your actual income ?
2. I know that HomePath has an Investor based loan at 10% down ? ( I guess it is still 10% down , if purchasing as an Investor ) ?
Aside from HomePath's Investor Loan , are there any other Loans out there that have " Lower " than 20% down , if you are wishing to purchase a property as an Investor ?
3. Is there any " Investor " Loan out there , that will allow you to do some of the basic rehab work yourself .... I'E. let you install the flooring and paint the inside and outside of the house ?
Thanks for all of the help,
always appreciate it - Michael