Financing my first investment property

[Asher Anthes]

Hi guys, I'm brand new to the site. I've been reading a lot here and can tell I'll be spending alot of time on here.

I just bought my first home in may of this year. I'm looking to purchase my first investment property as soon as possible. I've talked to a few lenders, but it seems my debt to income ratio is quite tight because of my first mortgage.

I'm living in the house and renting it out to friends as well. My monthly rental income is $1350 and my mortgage payment is $866. But the banks aren't able to count this income on my debt to income ratio.

What's my best options for getting approved for financing? How much of potential rental income on the new investment property could they use for my ratio?

Thanks for the help!

[Jesse Poll]

I think that if you put leases into place and count the rental income on you taxes this will create the track record that lenders need. Although the large lending institutions will require two years, some of the small private lenders can get around this as Mogi said.
Good luck.