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Updated over 1 year ago,

User Stats

7
Posts
3
Votes
Ben Freeman
Pro Member
  • Contractor
  • Springboro OHIO
3
Votes |
7
Posts

Local bank won't accept rental income until its filed on my taxes.

Ben Freeman
Pro Member
  • Contractor
  • Springboro OHIO
Posted

I was trying to be pre-approved for a new primary and ran into some issues with the lender not wanting to count my income on my duplex. 

Backstory:

I purchased a duplex in may of 2022. One half was rented($1300) the other was vacant. I completely gutted the vacant half and made it into 6 bedrooms to be rented to young professionals. This reno took the remainder of 2022 and into the early part of 2023. I started to fill room in the vacant side April of 2023.  I have since filled all 6 rooms,(two will be transitioning and refilled this month) total revenue for the 6 rooms is $6325. Total income for this property is $5625. 

My lender locally will only look at the $1300 since it was on my tax return. I have signed leases with most being 12 months. How can I get a lender to count the rest of the income to not mess with my debt to income?

Thanks for any help you can provide!

Ben

  • Ben Freeman
  • Loading replies...