Rental Income source

[Jake Hill]

Planning to rent out primary house in the next 6 months. Will need to buy another primary to move into and I am wondering how you leverage the rental profits to show income when purchasing the next house. Thoughts?

[Tim Miller]

I'm 99% sure that most lenders will not even consider your rental income. Because it's so new, you would need at least a year rental history and then they would only consider about 25% of the income. It took about 5 years of rental income from our basement apartment to get the bank to use 75% of the income. I wouldn't count on the rental income. Good Luck.