All Forum Posts by: Victor Whittaker

Fred, Thank you for the info. Good idea and I'll look into that.

That makes sense. It's too bad they don't consider 100%A of the rent income, but I understand why. If I could get loans back to back on these properties I would be a rich man. Having a property bringing in $2100/mo vs it's 950/mo mortgage payment is a no brainer to me. Problem is the more I intend to buy the higher my DTI goes. Decisions Decisions...

Was my discription to long? :-) I think what I'm getting at is...would you advise investing in rental properties before making the investment for my own home? If so, will investing the rentals prevent me from getting my own home? Having our own home is important to us, but financial freedom is up there as well and were willing to make the sacrifice...within reason.

Hello all, I've loved reading all of the valuable information here and have decided to post something of my own since every situation seems to be different.

I'm currently a WA resident that bought a short sale 3 years ago with a decent amount of equity in it now. We plan on moving to Florida in a few months to start a new life. I've conviced my wife to buy rental properties with our $60K that we will have to invest with, instead of wraping that money into another personal residence.

My short term goal and plan is to buy a tri-plex or better with as little down as possible (~150K), from there buy another tri-plex or better for likely 30% down (~115K loan value) all the while living in a rental in either one of the units I have bought or elsewhere. After we have bought the two complexes I would like to buy our forever'ísh home. These are long term invesments...

My concern with this plan is my debt to income ratio preventing me to buy my forever home. I don't want to back myself into a corner where I have a portfolio of rentals and can't even purchase my own home. Though I feel we will more than be able to afford the mortgages and any issues that may come from having the rentals, the bank may not feel the same way.

I plan to have a job in the $50-60K range and the rental properties should have a gross income approx 50,000 (fully occupied).

If it's important, I'm very familiar with property management and maintenance, so this is not a concern on my end. It's the investment and tax side that has me a little concerned.

Thanks