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Updated over 1 year ago,
House Hacking -- what did we do wrong?
Hi guys.
So we've done the house hacking thing (bought a duplex for our first house and lived in one side while renting out the other) and now trying to purchase our second property isn't going as we imagined. Our first property is in San Antonio and our second property will be in the suburbs of Philadelphia to be closer to my parents but we're finding it difficult to get approved for a loan for the second house because our DTI isn't good (thanks to the monthly mortgage payment of the first house with a two-year average of rental income from only one side instead of both).
I want to know if we are the only ones who have run into this problem. Also, ideas on how to deal with it as best as possible.
Thank you!!