Getting Started Too Early in Minneapolis REI?

[Anthony Vargas]

Hello BiggerPockets! I've made some previous posts about getting started with real estate investing using the BRRRR method in the Twin Cities area in 2020. While that's great, I'm wondering if I could get some advice, as I will also be purchasing my own home (75% chance it won't be a house hack for personal reasons).

Assuming I follow through with my purchase, will this negatively affect my standing with lenders when trying to finance investment properties?

[Tim Swierczek]

@Anthony Vargas@Anthony Vargas@Anthony Vargas the answer to your question is it will affect your debt-to-income, which impacts your maximum purchase price. The new payment will be worse for your qualifying if its higher than your rent, of course, it could help DTI if your new payment is lower than rent. Either way, the down payment will impact your cash reserves which are more important to lenders in non-owner occupied financing situations. The best thing you can do is meet with a mortgage lender who has your entire situation including your significant other's info if applicable and help you come up with a plan. One thing I can say with absolute certainty is BP forums replies cannot analyze this and if you get the correct answer it will be by pure luck.