Debt to Income Ratio Holiday Blues
I have read other threads like this but I still can't seem to figure out what to do...
I have 3 rental units. They all cash flow $300-$500 a month. Each tax season I input all of my income and my deductions/repairs/expenses/etc. By the end of it I don't have any taxable income from my rental properties, only the small income I get from being a seasonal park ranger.
I have read on these threads that a small bank or credit union, one that keeps loans in house, will look at the cash flow numbers of the investment and not at my taxable income, or lack there of. Yet, just moments ago, I got an email from my mortgage loan officer saying that my debt to income ratio was too high and they won't be able to move forward with approval.
This has happened a few times now and I solve it by asking my parents to co-sign. I'm a responsible 32 year old and this feels a bit odd each time I do it, but it gets the job done. I'd love to move forward on my own though.
How can I change this? How do others, that have real estate as their main income (with minuscule taxable income) make this happen?