Insights on our lending situation for a primary residence coupled with our rentals...

[William C.]

Summary: We have a small portfolio of SFH rentals. We are looking into acquiring a new PRIMARY residence. We would then turn our current home into a rental (again). We have only approached 1 lender (large, online only lender), but had issues getting them to understand our total situation so the amount they would lend to us was insufficient. Because 1 of our rentals (the Nevada one) is newer and does not appear on our past Schedule C, they chose not to recognize any of the income from that property. Even though we have a history of rental income at that property and a 2yr lease in place. Details below on our properties and our financial situation. Any similar experiences out there and/or approaches we should consider to get a lender that can understand the full scope?

Our current portfolio:

-Florida SFH: Mortgage (includes HOA and PM company) = $2100. Long-term tenant with signed lease. Rent = $2800.

-Nevada SFH: Mortgage (no HOA or PM company) = $3300. Long-term tenant with signed lease. Rent = $3300.

-Oregon SFH: Current primary residence. Mortgage = $1700. Previous recent history as a long-term rental where rental income was $2700.

Financial Snapshot: Both adults have solid W-2 jobs. Long track record of employment. Gross yearly income combined of $210,000. Outside of the mortgages, we have zero debts.

Home Search: Price range of $900,000. Would be putting 20% down ($180,000). We have that cash on hand and a cushion. So loan size would be around $720,000. No purchase is imminent, so no time crunch. We just want to be ready if the right home becomes available to us.