Run the numbers through a cash flow calculator before deciding to keep the property as a rental.

I have checked rental comps on the BP calculator and have found that homes in this area with these stats can rent for around $1100, but this is nowhere close to the required mortgage payment (Realistically I think I could have 2 tenants paying at least $1000 per month each, though this calculator has me thinking otherwise).

(Especially when calculated not against it’s value but your cash in the deal.)

., using a full-doc loan... if its schedule C, you would need to do a 2 year average of this income in order to use it. its looked at as a business, and self employment income. if its schedule E, theoretically you could use the schedule E income calculations just like any other rental even after the first filing.

One property is a condo (in CA) that I rent out, and the other property is a house (in NV) that I live in and rent out the other rooms.I quit my W2 job last year to start a business, which is slightly profitable today, but I reinvest everything back into the business.I have a bunch of cash saved up and am comfortable deploying $100K into another property in Las Vegas ($80K down payment + $10K furnishing + $10K margin).The only problem is that I’m not sure how to finance my next house without W2 income.I talked to a few lenders about DSCR loans, and most say they calculate rental income based on the entire house, instead of by the room.I would love to get the creative knowledge of the BP community on how to fund my next home 🙏🏼I'm also open to any lender referrals 😊

Using tools such as bigger pockets rental calculator really helps!

To make the best choice, carefully calculate the financial implications, align with your long-term goals, research the market for larger buildings, and seek advice from a tax professional to navigate potential tax impacts.

Generally for an investment property under conventional cash out refinance, the max LTV will be 70-75% - so you can calculate by (700k x LTV).As @Nicholas L. mentioned, it's a good idea to compare conventional and DSCR cash out refinance options.

To effectively evaluate the financial implications of renting versus house hacking, we'll dive deep into the numbers and walk you through how we calculated them.

Side question, does square footage calculation on mixed use property for FHA factor in the area of an attached garage?