Trying to get cash flow, first investment buy with high price.
So Here I (we, my wife and I) are.
We live in a hot market. Every month they set new records for the average home price.
We have no debt, in 2013 we bought our first house, sold it in 2015 and made enough to pay off our debts, approx $75k.
We are renting, we have saved a lot of money, we want to put it to work but get into a home again.
My wife has a great job, pays well. I had a good paying job I quit for moral/ethical reasons, and now drive Uber/Lyft, as well as side gigs. (Long Story short) Our credit score is excellent. Last checked was high 700s, low 800s.
HERE WE ARE: Found two properties we are interested in, each have quite a few units 7+ that are in good shape, long term tenants, may offer good potential for adding to them, and potentially could get us out of renting... live in one...
The problem is this, they are listed at $950k. I'm not worried about the debt because I know I can make positive a decent bit each month. How do I get funding?
My thoughts are that a lender would consider the rental payments from the property each month as income, which could put our income up around $150k/year.. at 20% down 5% interest payments would be $4100/mo. We only have about 10% down payment in savings. Considering the incoming rental payments would be approx $6k, It seems like it could work. I need to do due diligence. But I'm halted at the how to finance it wall. Would a lender loan that much to us in our situation?