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Elizabeth Perez
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Loans for self employed?

Elizabeth Perez
Posted

Seeking Advice: My husband and I own two SFH and rent them out for $875 & $1000 a month (we sent out $25 rent increase notices last month). $900 & $1025 is our new cash flow not accounting Taxes ($1000 a year combined) and Insurance. We have a 3rd SFH property we rent for $900 but we pay close to $300 PITI a month. We are currently selling this home to allocate our gains to a down payment. We lived in one of the properties about 4 years ago, we currently rent. All three homes were full rehabs purchased with savings. My husband is a general contractor in the area (self employed) and I managed our business. We have never applied for a loan and don't know where to start. Our landlord is selling his property and would like to buy it.

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