Your debt to income will be calculated per conventional guidelines and if you qualify with both your current mortgage and the new mortgage plus all the rest of your debt you are good.

So far, Board hasn’t spent the funds from 2023, but they also didn’t move funds back to Reserves after it was pointed out at the annual meeting that the funds are in the wrong place. 

This will vary based on region but in general 2 – 5 points, 9% - 16% APR (meaning this is the annual rate so divide it by 12 to get the monthly interest amount), and documents fees can be from $600 – $1,900.

Additionally, strong tax planning is essential, as your W2 income limits your ability to deduct passive losses.

@Tim RogersI believe there are income limits that if you exceed specific income (cannot remember the number) it greatly reduces or zeroes out any deductions from a REPPeople a lot smarter than me can confirm

.: New to REI & BP, and debating my first move.My Background:30, single, no kids, no property, high income, fully remote worker$300K to allocate toward real estate (+ $100K/year after tax)Currently renting in NYC but planning to move back to LA (hometown) in summer 2025 or the following yearTired of paying rent and want to start building equityMy Dilemma:1️⃣ House Hack in NYC – Stay a couple more years here, buy a small multi-family now and offset costs with rental income.

If I do, I need income to get me to 59 ½ because I can’t access my retirement accounts until that age.

The second year it was less but there are annual fees. 

With that said, I am in the position where I will not need a monthly income from my rentals.

You can contribute up to $69,000 combined as an employer and employee depending on your income.