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Updated over 4 years ago,

William D.'s profile image
William D.'s profile image
William D.
  • from Staten Island, New York
  • Member since Aug 9, 2017
Connect

User Stats

109
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15
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William D.'s profile image
William D.'s profile image
William D.
  • from Staten Island, New York
  • Member since Aug 9, 2017
Connect
William D.
  • Staten Island, NY
15
Votes |
109
Posts
General Landlording & Rental Properties

Ran out of income to qualify for a mortgage.

William D.
  • Staten Island, NY
Posted

I own 2 condos in NYC, I live in 1 and rent the other. I am now looking to purchase a 3rd property but I wont qualify because my 2 mortgages are eating up my income. How do small fry investors like myself qualify for other properties? The rent on my rental covers the mortgage and HOA, HOA+Mortgage= 1650, rental income = 1650. Banks take 70% of the rental income toward your income to qualify correct?

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