All Forum Posts by: Jessica Riley

If I am renting a place to live in, does that count as part of my debt to income ratio when attempting to acquire an investor loan for a rental property?

Hypothetical example:

Income 5k per month

Rent 1.5k per month

Potential mortgage: 2k per month?

No other credit card, student or car debt.

Will a mortgage broker look at the finances and say no, you can’t afford both your personal rental and an investment property since combined they become over 43% of income?

Also, after the down payment, how many months of rent required to have in savings? 

Are there any other costs besides the mortgage, taxes insurance, repairs, and vacancies that I need to be aware of?

Thanks

welcome to bp!

welcome to bp!

Rentals, cash flow. Many people can't afford to buy their own house and there is a population growth. 

welcome to bp!

Make sure it cash flows positive while you are in it so if you ever want to move to another place you can keep it as an investment property that pays you dividends. 

Hi,

I have a client who is looking for a property. They are looking for something preferably under 300k, max 500k in San Diego that is less than 10 miles from the beach. Single story or townhome, not condos/mobile homes. 1-3 bedrooms, 1-2 bathrooms. Pocket listing, short sale, trustee, probate, foreclosure etc all are good. Looking to close before Jan 1. Doesn't want a vacation rental type place, wants to fix it up, wants it be distressed/ugly/old/fixer. Does not want remodeled/upgraded. After having checked the MLS, oceanside seems to be the best fit for this criteria but they are open to areas farther south in san diego as well.

Please let me know if you have anything that fits this criteria!

Welcome to BP!

If I were you I would find someone whether at an event or through networking that has done investments here before and is willing to check if a deal you found is good or not.

I know a good lender. PM if you would like more info on him. He has portfolio loans and such.

https://michaelcampos.homeserviceslending.com/