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Updated over 12 years ago on . Most recent reply

User Stats

1,493
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450
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James H.
  • Investor
  • Fort Worth, TX
450
Votes |
1,493
Posts

2 years LL experience to count rental income

James H.
  • Investor
  • Fort Worth, TX
Posted

I have a few questions here:

1) if I have 2 year's tax returns with rental income reported but have not had the rental property for 2 years (say 1.2 years), will lenders still consider the income? I do/will have a signed lease agreement.

2) If my plan is to convert my primary to a rental and I have the 2 year's tax returns showing LL experience (from a currently owned rental), will the bank let me use projected rents for my current residence (to be converted)?

3) If number 2 is not acceptable, if I rent a place for myself so I can lease out my current house, how long will I need to wait to get that rental income considered from a lender (considering I will have 2 years tax returns showing LL experience)?

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