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Updated over 1 year ago,

User Stats

12
Posts
8
Votes
Kyle Vogeler
  • Rental Property Investor
  • Emmaus, PA
8
Votes |
12
Posts

How does purchasing a car affect my ability to get a small multi-family loan?

Kyle Vogeler
  • Rental Property Investor
  • Emmaus, PA
Posted

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!

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