Starting out as landlord and financing?
I currently own a home but would like to purchase a duplex and rent out my house. When looking at financing, would I be able to include the potential rent from my home as income? Would I need it to be rented prior to seeking financing? I am interested in using a 203k loan on my multifamily unit, but multifamily can sometimes be hard to find. I have considered building a new duplex. Is that a wise option? I live in Greenville SC. I am looking to refinance my home in coming year when I hit 20% equity.
Here are the financials.
Current home value- $105,00
Current loan Balance- $89,00
Current income- $65,000
Estimated income from rented home- $12000/yr
Property I would like to buy- $150,000 or less.