All Forum Posts by: Michael Dunn

Yonah Weiss ,

thank you so much for your reply 

very insightful 

So even if I didn't take the  $3,090.91 for Depreciation, it will be factored in as if I did........ even if I didn't ?

I was trying to leave this amount "in" as to have it factored into the Overall Rental income that I received 

So definitely take the Insurance, Interest and Taxes that I paid on the Rental, correct ?

And does it matter what state that the Rental is in, as far as how a Lender will factor my Overall Earned income when determining what they will Lend for my next Rental ?

Lastly please,

I was told by a previous Lender, that they do NOT use the Rental income I received / claimed on my Taxes into consideration when they look at my Taxes , in Looking at what I earned in any Given Year.

Does that seem right ?

I have had / filed this Rental on my Taxes for over 3 years now, but ye they said they do/will NOT use the money earned from my Rental as Earned Income, and then adding it to what I also earned from My Job. I want to make sure this is Incorrect, or correct 

Thanks so much again for all of your help 

TAXES:

Before I file my Taxes for 2018, I want to make sure I have all my ducks in a row. So I need to Definitely Write-Off the ........... Taxes, Interest and Insurance on my Rental property? Regarding Depreciation, do I definitely need to take this as well ?
RENTAL PROPERTY/INCOME: I want to show all of the Rental Income I receive from the Rental ,on my Taxes ( less what I deduct via the Taxes, Interest & Insurance ). And have this added to the Income I earn from my Job. So when a Lender goes to look at my Taxes to determine if I qualify for a Loan / run the DTI ................. I want to make sure I file my Taxes in the correct way, so that they will add in the Rental Income with the Income I earned from my Job
Thanks so much for all of the help and insight 

James, thank you so much for sharing and posting this  

James Masotti and Richard Sherman ,

thank you both for your replies 

It is for a VA loan , and I have 2 years of Rental income on this Property via claimed on my Taxes .

Not sure why they are saying that they Can not use any part of the Rental Income as Earned income ? Is it because it will be for a VA loan ?

Using the $ you receive as Rental Income as "Real" Income when a Lender goes to look at your Taxes:

a Lender that I spoke with told me that they could NOT use the $ I show as Rental income on my Taxes........... this could not be added to the actual Income that I make from my actual Job
  I was under the impression that these two streams of Income would be added together , and that the total of the two of them, would be what my DTI would be based on ? They told me that they do not consider the Income that you receive from Rental property in their calculation Is this correct ?
Thank you for the help 

Nicole Heasley , 

I'll definitely keep you updated  :) 

Please do the same , if you hear or find out anything as well  

Thank you  , I appreciate it  :)

FHA loan question:

How many FHA loans can you have at any given time ? I currently have a FHA loan on one of my Rentals  ( I lived in the property for 1 year and am now renting it out ) Can I now use another FHA loan to purchase another Primary Residence ? Or would I have to refinance out of my FHA loan in order to get another one ? Thanks so much for the help 

Thank you for the Replies  :) 

Good Morning ,

I am getting ready to talk to a few Lenders, but would like to have my facts straight , regarding the DTI for a VA loan

I have heard that 41% DTI is the " MAX " ?

And can you get / qualify for a higher DTI based on your Credit Score?

Is a 43% or 45% DTI even possible ?

Thanks so much for everyones help 

Thank you all so much for everyone's help