All Forum Posts by: Vincent Z.
Vincent Z. has started 3 posts and replied 4 times.
Post: Converting primary residence to rental
- Framingham, MA
- Posts 4
- Votes 0
I currently have a primary residence that I am planning to rent out. I am planning on buying a new 2nd property which I will owner-occupy once I close on it.
I will not qualify for both mortgages at the same time due to DTI limits so I need the lender to count my current primary residence as a rental.
My question is what do I need to document for the lender to count my primary's rental income so it comes off my DTI calculation for the second mortgage?
Post: Using Appfolio
- Framingham, MA
- Posts 4
- Votes 0
Can you explain the difference between Appfolio/Buildium and something like Cozy.co?
Post: Any pitfalls of buying homes that are 100+ years old?
- Framingham, MA
- Posts 4
- Votes 0
In my area (New England), the majority of houses, (multi families in particular) are over 100 years old. If I am planning on buying and holding long term, what are some of the pitfalls of buying these extremely old homes and is it still worthwhile to invest in them?
Post: Can I claim my dad's property income on my tax return?
- Framingham, MA
- Posts 4
- Votes 0
My dad just purchased a 2 unit property and everything (mortgage, deed) is under his name. He is letting me completely handle the management of the property, finding tenants, collecting rents, etc.
My question is can I claim the rental income on my tax return even though I do not own the property? I currently do not have a W-2 job so I would like to report this as income in order to qualify for a loan later on.