Tyler
Great conversation. I have always been able to use rental income when qualifying for new loan as long as we had rental agreement. To prove the income. If you are referring to the income from the property that you are going to be buying I think you are going to haeq a difficult time getting a conforming lender to allow that income Even if Fannie or Freddy will allow it ( I am not sure that they will allow income from the property you are buying. That is currnely not rented to count towards your qualification) I don't deal with traditional lending. I am only familure with private hard money asset based lending.
What you did not tell us is what your goals are. Ae you trying to fix and flip, a you wanting to build rentals single family, Multi commercial?
There are more ways to finance properties other than getting a lonan from a. Bank.you can purchasse homes subject to the existing financing, you can get a private loan, you can find a partner.
Something else you may want to consider with 600k is to be a lender to people that find properties, if they don't pay you end up with the house to sell or rent. You may be albe to make a good turn that way as well. You can do that passively by having someone find the loans for you and uderwrite them a full service hard money company actively meaning you do all the work of finding and qualifying yourself. I Amy be getting off on a tangent here.
The question is WHAT. Do you want, do you sant to flip homes and deal w it contriutcions, do you ant to be a landlord, do you want to lend money. Issue your goal is to make money the question is what way is best for you, your liefstyle. Do you what a job or do you want something passive.
Most of all congratulations on the saving nest egg, not many in the US have the discipline to do that.
