All Forum Posts by: Corey Dussault

Thanks!

Hi, I'm looking to purchase my first multi family unit and renting out my current home? What are some things that are different from a regular approval process? Will I need to show a rental agreement for my first home that's not yet rented? Do I need to take landlord classes? How much reserve do I need in the bank? etc. Any details on anything different a lender might be looking for would extremely help. Thanks!

So I used the BP rental calculator to figure out how much I should be charging for rent on my current home. Im looking to rent it out to my mother and I would do a cash out refi to buy a multi family. What my question is how much do people look into the 50% rule and the 2% test as in the videos. Like I said I'm renting it out to my mother and am happy with her paying down the mortgage but I don't want to overcharge her but I do want to cover all repairs and miscellaneous expenses. Does anybody have any advice?