Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Mortgage Brokers & Lenders
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 10 months ago,

User Stats

3
Posts
2
Votes
Xin-Ran Jiang
Pro Member
  • Real Estate Agent
  • New York/Miami
2
Votes |
3
Posts

Questions about FHA pre-qualifying for multi-family

Xin-Ran Jiang
Pro Member
  • Real Estate Agent
  • New York/Miami
Posted

Background: I been working on Airbnb arbitrage for 4 years now. I rent properties and rent them out, under agreement with owner.Went through pandemic, I feel my strategy is mature enough for me to move on to next stage....  I am planing on purchasing a 4 units multi-family in FL. I will keep one for myself and rent out the rest 3 of them, either long-term or short-term. I have 140k gross income last year, no other debts, first time home buyer. My plan is 3.5~4% downpayment to keep the most cash in hand.

I am ready to connect with lenders, but have no idea how to calculate the potential pre-qualified amount. More specifically, I'm not sure about: 

1.  I am expecting a boosting in gross income of this year (to ~350k). This is based on the future reservation of my rental business (I guess I can pull a proof of income from Airbnb). Still,  should I add-on this future income for pre-qualification?

2. Since I am targeting on 4 units multifamily with FHA loan, I assume ~75% rental income from addition units can count in. However, when there is no such specific property referred, how to determine the maximum qualify amount, so I can start shopping around?

The price range for multi-family could be so wide. Good deal could be from $300,000 to $1,300,000. What amount should I start with? This bothers me a lot. 

If you know how to solve this problem please share your expertise below!!! 

  • Xin-Ran Jiang
  • Loading replies...