Updated over 6 years ago on . Most recent reply
Low Income, High Loan - Will It Work
We have applied with 2 different lenders waiting to hear back from them but instead of harassing them for updates, Id like to see what you guys think.
I'm working with my retired dad to attempt to get him into a 4plex for extra income. His retired income is $34k, no debt. We are attempting to get a loan of around $350k with using the rental income $750 - $1000 per unit which have leases.
Taxes $6000 - $7000
Insurance $1800
Does this sound like a situation that will work?