All Forum Posts by: Igor G.

I currently own, and let's say my debt to income is at 50%.  This would basically disqualify me from obtaining another mortgage. Short of moving, renting my place out, and then applying for a mortgage after I can offset my debt with the rental income, is there any other way of doing this?

I lightly peruse these boards and haven't seen much on the topic. I feel like there has to be another way, because the traditional method sounds like such a hassle, that people would be complaining about it.

Hello people of BiggerPockets,

I am a long time lurker but first-time poster.  I live in NJ and have been taking real estate classes. While going over material, there was something that stood out to me that I didn’t know before. Basically the textbook stated that, there is a new law in New Jersey, that if you try to sell a co-op, for the same amount or less then your investment, but aren’t successful after 4+ months on the market, then you can rent it out, regardless of any lease bylaws the board of that co-op has for renting. 

My question in the class was, how they define “investment” in the property, if they refer to just the mortgage principal, or if it includes any improvements done inside the unit. 

I have been searching online, but can’t find any law or regulation that explains this. Does anyone know what the book was talking about, and can point me to where I can find this law?   Thanks!