Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 3 years ago,
Confused about how projected rental income for mortgage applicati
I am planning to sell my house located in Stockton, CA and buy 2-3 single family homes in the Phoenix, AZ area to have better cash flow. I currently rent my house by the rooms, and I have been successfully doing so in the past two years and I want to continue to do the same business model on my next rental properties. I can do a conventional loan for two single family houses with my full-time job, but my wish is to buy three. I will have 20% down payment for three single family homes using my current house proceed once it is sold. Buying three, however, will stretch my DTI. I plan to buy brand new houses; their prices are not much different from old houses plus I get the advantage of not dealing with house repair/maintenance with an old house. When I apply for a mortgage, can I also use projected income that I may get from a new house without rental history? What about from a house that still to be built by a builder? Thanks for the input! I really appreciate it.