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Updated over 7 years ago,

User Stats

261
Posts
166
Votes
Patrick Flanagan
  • Property Manager
  • Prineville, Or
166
Votes |
261
Posts

Need advice on getting a second loan

Patrick Flanagan
  • Property Manager
  • Prineville, Or
Posted
Hey bigger pockets members, I recently closed on my first house that I'm living in now with a VA loan. It's a 3 bed 2 bath and I'm renting out each room to 2 of my buddies. Basically a step before house hacking with multifamily home. They are completely covering my mortgage. So I guess I'm kind of stuck on what I can do next. With my income I got approved for X amount of dollars which I bought my house with. So what do I need to do take the next step on landing my next rental? Do I need to make twice the income I make now?... so I can apply for another loan? Or is there a way for me to land a home loan that I can use as strictly a rental? Thanks for the help, Patrick

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