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Updated over 2 years ago,
Use income from a business to determine loan qualification
I think I remember David talking about something like this in one of the podcast episodes- what exactly do I need to be asking for at the bank for them use the income generated from a business to determine if we qualify for a loan, rather than our personal income? Do all banks do this? Only certain ones? Do I need to be asking for a specific thing?
We have an LLC that has one STR in it that is doing very well. We want to purchase another one through that same LLC. I don't think we'd get approved through our personal incomes because this would be our 4th house, and for the last house, they only looked at what our W-2 jobs are bringing in.
Am I making up that this is a thing banks can do?