Bought my first house hack and looking to buy more

[Michael Dallas]

Hey everyone I had the great opportunity to buy my 1st house hack a few months ago. While I am living here I am making around $200 after all expenses. But in reality I am making $800 because I was paying $600 in rent last year. I just wanted to put that out there because I have been able to find some good deals around me. I want to buy more property but I don't have an income that qualifies me for another loan. I was wondering if there are any loan products that allow me to use my current house as collateral for my next house. I have signed leases for the next 10 months showing what rent I will be collecting from the property. I am obviously new to this and trying to get creative while being a D1 college athlete. Would love to know what yall think!! Thanks!!

[Didier Bizimungu]

Hi Michael, 

I've used a Group Lease in this scenario among all your renters to qualify the income for a DSCR loan.

Hope that helps.