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Updated over 2 years ago,
Looking for an advise.
I have been looking to invest on a second property using my equity of my current house but I cannot close the deal because of all the competitive cash offers.
one of my neighbors house is about to go on a market next month. What would be the best way to close the deal and I know they will get a lots of offers.
couple of months ago I got a pre approved loan for $100k DSCR loan with LTV 75%.
one option i was thinking was to convert my current house into two units and rent both of them. Buy my Neighbour house as a primary resident. can I still use DSCR loan as a down payment and all the other cost? Do I need to show DTI for my new primary house? Do I need to show my tax for 2 years since I'm small business owner? I'm curious if anyone has some creative idea? Thank you all and love to hear your advise.