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Updated almost 5 years ago,
Should I sell my primary home to invest in long term rentals?
Looking for guidance -- I bought my primary residence in California for 640,000 and my monthly mortgage is $3,750. I make about 100,000 per year, have 200,000 in reserves, and have no other outstanding debt.
My goal is to invest in SFRs (and small MFRs) out of state, but it seems like my DTI ratio is too high from my primary home to get lending (even w/ 25% down).
-Should I sell my primary house in order to start building my rental portfolio?
-Are their ways to claim 75% of the rental income on the new property if I haven't landlorded before?
-If I have a partner with no debt would that be a solution?
Hoping for some guidance!