Updated about 8 years ago on . Most recent reply
Read and listened but confused on scaling rentals. Help Welcomed
I've read all kinds of material and listened to hundreds of hours of podcasts. There is one thing about scaling rentals that I just don't understand. Can anyone elaborate on this?
The question is, how does a bank approve the financing for buying a rental?
1) Do you need to have verifiable income to cover your personal monthly expenses PLUS the monthly mortgage payments of your rental?
2) Do you need to have a tenant already lined up to get approved? Does that make approval easier?