Idea on financing 2nd property

[Esther Tama]

New OOS investor in Muncie, IN. Closing on 1st home for a long-term rental. How soon can I use the rental income to count towards my DTI and finance another home? I have enough for a down payment, but thinking my DTI is too high with my recent purchase. Any other creative financing options the bigger pockets community have tried to finance 2nd, 3rd or 4th home? Ideas welcome!

[Joshua Janus]

Some lenders it will be 1 year, others it will be 2 years. I would reach out to a professional and get their advice. 

In terms of creative financing, I would look into a DSCR loan. It won't take into account your personal DTI but rather will evaluate the performance of the selected property. The standards aren't high.

[Ray Smith]

As a Lender, it is almost always 1 year if you are using your own income to qualify. Along with a DSCR Loan and other Non-QM loans you can use a Second Home Loan if its a vacation rental. I would advise talking to a lender and finding the best product for your situation.

[Timothy Hero]

Non-qm/DSCR lenders don't require DTI, employment, or taxes.