All Forum Posts by: Carissa Grant
Carissa Grant has started 2 posts and replied 9 times.
Post: Debt to Income Ratio for investment properties
- Investor
- Lithonia, GA
- Posts 9
- Votes 1
That is a good point tho. I will see if I could pitch the income property to the bank as income and maybe that will help the loan process for them not to count it as added debt.
Post: Charleston is getting a new Medical District!
- Investor
- Lithonia, GA
- Posts 9
- Votes 1
wow!!! As a native Charleston this is exciting to hear. I plan to purchase property there in the future. The city has been changing for a little while now. You could definitely see the old neighborhoods start to get a little more polished. Property has gotten really expensive.
Post: Debt to Income Ratio for investment properties
- Investor
- Lithonia, GA
- Posts 9
- Votes 1
Originally posted by @Mike Wood:
@Larry Fried Sorry, I might not have been clear in my response. The new mortgage will add to the debt part of the debt to income ratio, so if you dont have excess income to offset that debt, you may exceed the ratio limits.
I like Larry have history of rental income, so it can be included in our income, and the income of future purchases. This issue come for new landlords that can show the 2yr history with tax returns. I believe that this changed after the housing crisis, but I could be wrong.
Please let me know if any of this is not correct, as I dont want to spew misinformation.
Ok. Thank you. For your information. I was curious. I think that I will contact the lender also. I've contacted one as I'm working on finding financiers to work with to plan for what they will be looking for to get an approval.
Post: Debt to Income Ratio for investment properties
- Investor
- Lithonia, GA
- Posts 9
- Votes 1
Originally posted by @Mike Wood:
@Carissa Grant The new mortgage would add to your debt. Most banks will required 2 yrs of tax returns with proof of rental income for that to be considered. So depending on your situation, you might have to qualify as if you are fully paying for both properties.
All of this is assuming you are looking to use conventional residential mortgage products.
So then how do people qualify for a bank loan for multiple properties on a W2? Seems that Debt to income would be an issue for people. I have a solid work history and W2s I'm just wondering if debt to income would be an issue.
Post: Debt to Income Ratio for investment properties
- Investor
- Lithonia, GA
- Posts 9
- Votes 1
I have a primary residence and am looking to purchase my 1st investment property pretty soon. When trying to get financed using a conventional loan how does the debt to income ratio work when purchasing additional properties?
Post: Am I the mean landlord?
- Investor
- Lithonia, GA
- Posts 9
- Votes 1
I am new to this and I would have done the same thing. The agreement is already signed an in place. And I would have charged a locksmith fee also.
Post: Transferring Real Estate into an Entity - Due on Sale?
- Investor
- Lithonia, GA
- Posts 9
- Votes 1
I am pretty new to this ant this might seem stupid but can you put the property under the LLC, which has no credit, so it would be difficult to get financing, but can you then be a co-signer on the property to build LLC credit?
Post: Ready to Start investing in rental properties
- Investor
- Lithonia, GA
- Posts 9
- Votes 1
Thank you both. Tom, that is exactly what I am working on now, getting my cash-flow up.
Post: Ready to Start investing in rental properties
- Investor
- Lithonia, GA
- Posts 9
- Votes 1
Hi There,
I bought my 1st house last year and my finances have been tight ever since. I have been thinking of ways to make extra cash since now I have all of these new expenses including a new car. I figured that I would purchase a town house 1st since they don't cost as much, typically and then maybe purchase a duplex, triplex, or fourplex down the line. I have been doing lot and lots of research on BiggerPockets and anywhere I can get information. I have been enjoying all of the information available here.