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[Carlos Alvarado]

Good morning everyone,

I bought my first prooerty cash and in the processs of trying to rent it out. But my question to everyone is, I tried filling out mortgage app to get my next property and from what there telling me is I need at least 2 years of landlord experience and im just starting. So what options do I have? What do you do when you want multiple properties but your on your first property? Do you really have to wait 2yrs before you can actuallly make your next move?

[James Vermillion]

First, I would make sure you are talking to a good loan broker...as with any profession, there is some absolutely terrible loan brokers / lenders out there. As the others have pointed out, the 2 years is the amount of time many lenders require you own and have rental history on a rental property before that income can be used towards getting you qualified for a loan. If you own it free and clear, it will not hurt you in getting a loan on another property, it will just not help you by providing additional income.

Start keeping excellent records now...you are going to need them later.