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Updated over 6 years ago,
Financing a Currently Leased Property
I am looking to acquire my first property. My personal finances look to qualify me for around $125k. I have about $7k to work with for a down payment. I live in Kansas City, MO and am looking to buy in the area as I would be occupying the property.
My question is if there are tenants in place in say a four unit, will the loan officer take the rental income into consideration when deciding how much I qualify for? What about potential rental income? Maybe there's a four unit with 2 tenants in place, could I qualify for more than $125k? I'm seeing a few properties in my area that are just out of my price range personally, but when considering the rental income, the math works out. Could I qualify for closer to $200K with the rental income included?
I've only started working with my local bank and credit unions. Would a portfolio lender be a better option?
Any advice is appreciated.