Financial requirements for buying a rental property in TN

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Financial requirements for buying a rental property in TN

Uday Natra
Collierville, TN · Member since 2014 · 5 posts · 1 vote

Hi, I am looking at investing in some rental properties in Memphis, TN. But the lender that I am working with is asking to show 6 months of mortgage payments for my current home and also for the rental property I want to acquire. Is that the norm?

Thanks

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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    12y

    I have heard the lenders ask to see 6 months of reserves for your primary and also for the rental home you are purchasing. It soundalike tut not working with an investor friendly lender. Who are you working with?

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  • Shane Perkins
    Residential Landlord · Memphis, TN · Member since 2014 · 7 posts · 1 vote
    12y
    Hey Uday, nice to see you on here now!
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  • Account Closed
    Dallas, TX · Member since 2013 · 4k+ posts · 744 votes
    12y

    Show the mortgage payments to the lender and closed the deal.

    Joe Gore

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  • Kevin Perk
    Rental Property Investor · Memphis, TN · Member since 2011 · 111 posts · 40 votes
    12y

    It can be the "norm." As Joe Gore said if you can show it now, close the deal.

    Then...

    Shop around for different lenders. Network with other investors in Memphis.

    Good luck,

    Kevin

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  • Uday Natra
    OP
    Collierville, TN · Member since 2014 · 5 posts · 1 vote
    12y

    Thank you all for the quick responses.

    Curt, I am working with someone at a small bank called Community Mortgage.

    Thanks,

    Uday

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  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    12y

    @Uday Natra Were you able to work with your lender or are you still looking?

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