I am just over a year into my first house hack/live and flip deal. My brother and I owner occupy the property and rented out 3 rooms in the home for a total of $1,250/month utilities included. Almost cashflowing out the mortgage of $1,371. We would like to move out of our existing property into a new owner occipied house hack. Therefore renting out our two rooms and cashflowing out handsomely on deal one. Do we have to show months of rent rolls? How can we do this? Any information helps. Thanks!
When I bought my current house I was told I couldn't count any income from my rental property until it had been consistent for at least 2 years. I had to qualify for this house as a second home on my existing income.
@Jacob Casarez - Are you claiming the rental income on your taxes? Most banks will want to see two years of rental history before they will count the rental income. Without proof on your taxes most banks will simply county your property as a liability.
Yes, the rental income is claimed. Is there a quicker way or alternative route??