Want to invest on rental but is afraid

[Deborah Fung]

I am a widow with two kids in college and one in high school. My husband just passed away 6 months ago, and I am currently a bible college student. I have two properties worth $800K paid off. Currently on SSI with $3500 per month. I will rent out one of my properties in Texas soon. I am thinking to buy another one using cashout refi from my house equity,  but was wondering 1) if I can get loans from a bank because I am not working 2) if the rent would cover the mortgage? 3)How do you tell which properties are worth of buying?

[Eliott Elias]

You would have to get what is called a DSCR loan, which qualifies the property not the owner. So as long as the property cash flows 1:1, meaning the rent covers the mortgage you'll qualify.