Can you count multi-family income as future income?

[Jeff Dapson]

Hey everybody, it's inspiring to read all of your stories and I can't wait to be in the position where I can help the BP community too.

I have a question about getting started. Being an 18 year old freshman at ACC in Austin, I don't have a steady work history and certainly don't have enough cash to buy a multi-family. But I want to get started right away. I have read every book I could get my hands on on all aspects of the business. But the question remains...

Is it reasonable to expect to find a lender who will look at the rent roll of the property I intend to buy (any multi-family with active 12 month leases) and count that as the income I will use to pay the PITI?

Can't wait to hear your insights!

[Jeff Greenberg]

On the commercial 5+ units they will consider all of the income minus a vacancy factor. you will still need liquidity equal to 10% of the loan and net worth greater than the loan amount.  This does not have to be your funds, as someone else can sign with you on the loan.