Getting started in Real Estate

[Nathan Scott]

Hey guys, brand new member here! Looking to by my first rental property. Looking into Memphis, TN and Huntsville, Alabama markets. However, I may have a problem. My question is...is it possible for me to get a loan for a rental property even if I have a house and owe 400k on it? I live in CA, and the military pays me money to make my mortgage payment. My wife and I have no debt besides the house. I’m just unsure if they would allow a 22 year old to get another loan? If there is anyone in the Vacaville, CA area that would like to meet up, let me know! I’d love to discuss real estate! Thanks in advance!

[Patrick Bavaro]

@Nathan Scott Age should not be a factor when applying for a loan. In fact, I'm pretty sure its considered discrimination and illegal. The banks look at your debt to income ratios, where you income is sourced from, and other factors to make sure their "investment" in you is "safe". With investment loans I also believe they sometimes take into account your experience as an investor to consider rental income as actual income. Someone can check me on this or add to it as every lender is different which is the great thing about real estate!