Updated about 5 years ago on . Most recent reply
Converting current house into rental then buying another.
Hi all,
I want to move out of my primary residence and then buy another property. How would you go about this? If we lease this property, how long does it take for the rental income to count as income from the lenders' perspective so that we free up our DTI which qualifies us for the next property? We live in San Diego, CA.
Most Popular Reply
Hi @Kevin Gamboa you should be able to use projected market rent even before it's actually rented since you intention and need it's to purchase another property before you can rent current one. I work with lots of investors who have done the same thing. Happy to chat with you about the process and how to set yourself up for success for the biggest ROI on the current property and the next. I have some ideas that may be beneficial to you depending your goals for the next purchase.
Is the next purchase your “forever home” or is it mainly for investment purposes?