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Updated almost 7 years ago on . Most recent reply
Rental Property During Law School
Hi Bigger Pockets Community!
I'm about to enter law school this coming year (on a full scholarship - so no student loans), and have enough for a little down payment The one thing that would change is my income would go down to 0 as well, but I'd be making money on the 3 rental rooms.
What would be your recommendations for talking with banks about this? Do you think a portfolio lender would be willing to loan based on the condition of the house and a business plan / projected rental income?
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It will be tough, because most lenders are much more uneasy about calculating rent per room than they are calculating it for an entire unit, because there are essentially no comps for rentals by the room. I think the question isn't so much whether or not it's a good idea but whether or not you can get a lender to lend on it.