All Forum Posts by: William D.

@Chris Mason @Irina Belkofer@Account Closed

Very valuable information, keep writing and Ill just keep reading! hahaha

So for example, if I the mortgage on the property I am trying to purchase is $2000, and the rental income is $2100, that would be beneficial for me when I am applying for the loan because the rental income would cover the mortgage. True?

If your property gross income $1K/mo - they will use $500/mo as your income

If it's cash flow $1K/mo, then you talk to your loan officer and get specifics.

@Irina Belkofer What is the difference between gross and cash flow?

@Irina Belkofer

I do not own the property, I want to see if the rental income for the property I am looking to purchase will be considered as income for me to qualify. I was not clear on the question, hope I clarified.

Thanks @Irina Belkofer, after 2 years of what exactly? Previous years P&L statements? If the property is getting $1000 in rent can I use that $1000 it is currently getting to qualify?

Thanks @Account Closed, I definitely need 20% down. So let's assume 20% down. Can I use the current rental income, or maybe the income after repairs and improvements to qualify for  the mortgage?

Good Day BP!

Can I use the properties rental income to help qualify for a loan? If so, what are the details? 

BP!! 

Let me preface this post by saying I havent purchased any investment properties, only my primary residence. I also live in NYC. 

Is the 1% or 2% rule mostly only attainable if you buy at a low price, foreclosure, or cash, and put work into it?  

@Jay Hinrichs I am working with limited funds, paying cash is out of the question. I will have to put 20% down. Thanks for the response, I will be listening to your episode on my way into work tomorrow!