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Private Lending & Conventional Mortgage Advice

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A Lak
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My first deal, how to best finance

A Lak
Posted Oct 30 2010, 04:55

Hello,

I just found my first property, the seller wants to sell at 20% discount compared to what he has paid a year ago (new building) + free new furniture.

Now I want to go to discuss with the bank. Usually banks take into consideration the debt to income ratio. I already have a small debt that is taking 20% of my salary. I think that the bank will finance my first deal, but what about next deals, taking into consideration my debt to income ratio (including rent income) I will not be able to finance more deals.

Please advice on how you deal with this problem.

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