All Forum Posts by: David Ko

My wife and I are considering moving into a 2-4 family property in an expensive market.  We are looking at properties between $1 - $1.5M, but we are likely going to fall just short of 20% down.  Are there any financing options you know of that we could use?  We can cover a $1.5M loan based on our salaries alone, but it seems like lenders really want a sizable downpayment for a 2-4 unit property, even when we occupy one of the units.

Thanks for your insight.

Thank you all for the information.  We may change the strategy to living in the condo in DC and buying cheaper property in my hometown, where we can be cash flow positive immediately.  Likely will do a combination of the two.  Mostly just excited to stop throwing our money away on DC rent!  Thanks again

David

Thanks for replying Russell, this is very helpful.  One last question from me: after 2 years of renting a previous property out they will count 100% of the rental income as income, right?  I.E. my qualifying income for property 3 after living in 2 will be:

100% of Property 1's rental income (lived there for two years) +

75% of Property 2's future income after I move out +

My salary, etc.?

Thanks.

I've been a landlord for three years on a property in my home town.  I've read that some lenders will count a percentage of future rental income towards your application if you have landlord experience.  Is that true?

Hello,

I'm interested to hear if anyone has moved every 2 or 3 years and kept their last home.  I am in Washington DC proper where homes are very expensive.  We are looking at condos in the mid $600k range (10% down) and hope to move every 2 or 3 years while keeping the old place to rent out and buying another.  Has anyone here had experience in that?  If so, how did you get financing without using future rental income as a qualifier?  Did you have to refi your old place into a commercial mortgage?  These would not be candidates for renovation.  Any insight would be great.  Thanks!

David