Updated about 7 years ago on . Most recent reply
Could Rental Income immediately offset your DTI?
Hello BP!
I am looking to implement the BRRRR strategy but I do have some questions. I have read multiple forums about other investors using future rental income to qualify for loans, I am wondering if it's possible to have my rental income immediately offset my debt to income ratio without filling on my tax returns for two years. It seems that every post I read, each person has different takes on this, does it primary depend on the lender?
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- St. Paul, MN
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- St. Paul, MN
If you're talking about loans in your personal name, then you will need 2 tax returns to be able to use the income for loan purposes. That means it could be 1 year and 1 month. If you are going with local banks and using a commercial loan product, then it is more favorable. In that case they will often use that income right away.