Buying a house and rental property at the same time.

[Joshua D Enos]

My wife and I are looking into purchasing rental property. This is new to us but, we are really getting interested. In the near future we would like to purchase ourselves a new home as well. My question would be "how will our credit be affected" and how will purchasing rental property affect our ability to buy a new home? Thank you for your time in this matter, we greatly appreciate it.

[Chris Mason]

Originally posted by @Joshua D Enos:

Not a single reply? Was really hoping for help here........

 Hi Joshua,

It's one of those questions that has been asked 5000 times. :)

TLDR:

- If you are buying cashflow positive real estate and working with a big bank or call center, the rental income likely will not be counted to offset the real estate's own mortgage, and your DTI will be trashed according to their fake rules.

- If you are buying cashflow positive real estate and working with a local investor friendly lender, the rental income will be "counted" so long as it is real, and your DTI will actually improve according to the actual Fannie Mae rules.

I'm usually at the Oakland REI meetups on weekends. I can only assume there's someone like me at your local REI meetup.