Debt:Income Ratio - How do I know if I'll qualify?
Hello BP,
Now that I'm in The Big Apple, my girlfriend and I are looking to get into REI and build our future here. As a professional trader, I am expecting to have a pretty good salary, so most of the REI business although a joint venture, will be on my fiance's part full-time. We were planning on saving $50k to use as down payments towards some mortgages to obtain cash flow properties. However, being in NYC 10% down is probably more like $75,000-$100,000 for a small apartment in the city or any houses in the other boroughs. So this all leaves me wondering:
1) Should I consider investing long-distance where I can use family/friends as PM in Indiana or Las Vegas?
2) How do I calculate debt:income and whether I can qualify?
3) How many mortgages can I get?
4) Are the standards the same on down-payment for a multi-family unit? Ideally, I would like to snag up some multi-family buildings in the boroughs outside Manhattan, and perhaps something I could get an FHA loan on and live rent-free.
Perhaps, @Albert Bui or @Darren Sager could chime in here. You are both experts in these areas, respectively.
Thanks In Advance.