All Forum Posts by: Dyami Pike

@Dyami Pike

75% of the lease on your departing primary will be used to offset the mortgage payment and nothing more. Once the property is on your tax returns, you can use that income to positively influence your DTI assuming you do not take a paper loss through write offs.

you can use the rental income from your current property as long as you have a signed and dated lease. Lenders will use 75% of your gross lease amount, then look at what your mortgage payment is. If your lease income is greater than the monthly payment you will have a positive dti...if your mortgage payment is more than the rental income then you will be hit with the negative difference

My understanding is that you need two years of rental before it can be used, then 75% of it is allowed to be used as income in a loan scenario. 

That being said, in another thread talking about FHA on a multi-unit:

@Dyami Pike   You can make offers without being an agent, if you are the principal.   You might just want to take the contracts class for your state, get the basic contracts and docusign or another esign program and pop them out and send them off.   Although 100 offers a week is probably not realistic.  Typically at least in my market of DFW there are not 100 hours in the right price range in your buy box to make that many offers.

You are right though, no agent will probably do that for you for free. ROI is just too low. Maybe the ROI is even too low for you. I've never seen the shotgun blast approach work on actively marketed homes. Maybe you could do that with off market homes better. Might look at DealMachine and see if their software can help generate some LOI type letters vs actual contracts.

 Cash & A Discover Card.

Absolutely! You can use 75% of income on rental properties the first year or 100% when you file taxes on the properties. I would suggest hiring an accountant that understands real estate and speaking to them about wanting to utilize a second home loan.

My first house I bought 5% down owner occupied conventional. Was able to get down-payment assistance from my lender at the time and then used that property as a house-hack. 

Hi @Dyami Pike, Second home loans are a great option and tool. It sounds like you already have a lot of good info about them. A few additional items. You do need to qualify for the additional loan with your current income and DTI. YOu will not be able to use any of the projected rental income to qualify. You will also need to look in another town; they normally require at least 50 miles from your current residence.