Beginning renting out 2 properties.

[Eduardo Gonzalez]

Hello fellow BP community. Im currently looking to relocate to Texas /Dallas area. Im expecting a new baby and would like a change in scenery. Me and my Girl have our own homes and are wondering what the best method is to start renting out our properties. How do I finance my next home out in Texas even though I have my current mortgage? Should I find a new home before starting to find tenants? I have almost doubled my homes value in equity from the original purchase price. I just dont know where to begin! Any information helps. Thanks

[Sherief Elbassuoni]

@Eduardo Gonzalez, you just need to get a pre-approval from a loan officer who is licensed in Texas.

Things will depend on your debt to income ratio.

If your DTI is pretty low, they may be able to fit the two mortgages without asking you for lease agreement for your seattle proerpty.

If your DTI is pretty high, they will ask you to provide a lease agreement for your seattle property