@Iris Sanchez In my experience I've found lenders usually prefer earned income rather passive income.
If they do consider it, they would probably discount it or only use of portion of it. You can always ask "is it an asset based loan only or are there income requirements?" and go from there.
@Iris Sanchez In my experience I've found lenders usually prefer earned income rather passive income.
If they do consider it, they would probably discount it or only use of portion of it. You can always ask "is it an asset based loan only or are there income requirements?" and go from there.
@Iris Sanchez Sorry, but they don't take gross rent. Most lenders I've worked with only take NOI and even then, they only give you 75% of the NOI and count it towards your income. Also, I agree with @Dave Van Horn about earned income vs passive.
The way "around" this is to buy the property in an LLC and do a DSCR loan. DSCR loans are generally based on the cash flow of the property rather than your personal cash flow.