I have two rentals and one is owned free and clear with a value of $80,000.
I also have been a landlord for over three years now.
I would like to leverage my $80,000 property to buy more properties and increase my positive cash flow. I currently am getting $675 a month positive cash on my paid for rental and would like to receive at least $300 a month on future properties that are financed.
My question is, what would be the best way to leverage this property and will the lender consider me a seasoned investor and work with me ?
As I was first starting out, my lender was willing to lend to me based on my income and ability to pay the loans (w-2 income). Over time, I've proven to my lender that I know what deals to work and how I will go about generating cash flow from a rental. I would think with a decent credit history, your track record as a landlord and a few conversations with a local lender you would not have any problem getting financing on the property that is free and clear.
Hope this helps!
I'm hoping I can qualify by the banks 75% rule alone without adding to my DTI ratio. Time to take this to the next level one way or another.
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