All Forum Posts by: Michael Solomon

Hey all,

I know some lenders differ but I wanted to see what you guys have to say. I'll have two SFH properties

. I've been renting my first home for almost a year now (have not filed taxes on rental income yet) and am preparing to purchase my second home in two months using my remaining VA entitlement, so I'm game planning for my purchase strategy on my third property . I'll have enough for a 5% down on a conventional loan to be my primary and i make enough to not need rental property income to qualify for a new mortgage . When i purchase my third home, I plan on moving into that home and house hacking again. However, to secure the loan, I know I'll need to provide the leases for my other two properties. I will be receiving way above enough cash flow for DTI, but what will I need to be able to provide to qualify for house #3 via conventional loan? Ive heard that if I haven't filed taxes on a homes rental income yet , then i can use my leases for the first two to offset their payment , but it's been confusing. Should i record income and file it on my taxes , or just wait until I purchase #3 to start filing my two property's rental income on taxes ? What do you all think? Im simply trying to offset the payments of the first two so they don't hurt my DTI , not use any rental income to qualify for the third house

Would love to connect with you! Faily new to mobile home investing but would love to connect . I have a good inspector I work with as well .