Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 1 year ago,
How does purchasing a car affect my ability to get a small multi-family loan?
Hi, my partners and I are looking to buy a small to mid-sized multi-family property, but my one partner is also in the process of purchasing a car for $25K. To give you a background, he has no mortgage/rent payments, and with this car loan, his total monthly loan payments will be ~$600 versus an income (with commission) of ~$150K+. Our question is, how will this car loan affect our ability to apply for a mortgage? What about mortgages for multiple properties if we decide to buy more than one? Will there be a significant impact or should he be okay to purchase? Thanks!