Help How to qualify for Multiple Mortgages to buy Income property

[Yohanna Bell]

Good Morning Need help understanding Financing Properties.

I would like to get started with Rental Properties but how can I take out mortgages when I already own a property I am willing to move into a property if thats what it takes. but I am confused about how to qualify for more than one mortgage or what types of loans I can get to do so.

heres my situation I have a single family home Im willing to rent and refinance my current home. I contacted a mortgage company and they stated to qualify for an additional mortgage I am able to go up to 50% of our income with the expenses I have now mortgage and student loan plus a new property but they wont count in Rental Income unless its been a year. So I guess my question is how would I be able to get more than 1 property if its always based on 50% of your 9 to 5 debt ratio.
I see some properties between 30k to 50k and multi families from 100k to 150k. I would like to have more than 1 income property
if I took out a mortgage that was about 1200 to bring my to 50% then how would I ever be able to get additional properties. Hope someone can help me understand I dont see this explained anywhere

How to qualify for multiple mortgages or ways to buy additional properties?

[Chris Mason]

Originally posted by @Yohanna Bell:

Thank you for replying @Stephanie P. and @Eric Veronica I will contact  a Mortgage Broker and I will look into finding a Portfolio lender (I never heard of this lol)  Your responses are very helpful The Finance company I contacted told me I wouldn't be able to use the Rent if I rented out the property I own now or the Rent from the new property until it had been rented out for a entire Year and on my tax returns with no losses. If im able to apply 75%  of the rent that would make this process much better and I could possible qualify for a bigger property that produces more Income.  Thank you all very much

 This simply means you've found one of the overwhelming majority of lenders that aren't investor friendly. It's just not their niche, not their thing. 

If you called me and asked about a reverse mortgage, I'd refer it out to someone that knows those products well. But if I wasn't me and didn't do that, my "evil twin" might try to pretend I know what I'm talking about when it comes to reverse mortgages, and in the process give you a bunch of bad/crap info. That's what happened to you during that conversation you had. 

Your typical pediatrician probably hasn't studied lung cancer since college, the RIGHT thing to do is refer lung cancer scenarios out, rather than fake expertise where there isn't any...