The husband was sleeping (he works nights) and, sad to say, the females in the household handled the situation by running around like chickens with their heads cut off, screaming and running out of the house.Their screaming woke up the husband who had the good sense to throw the main breaker and call us. 

Below are some of the reasons it is a struggle.Condotels, or condominium hotels, present unique challenges for lenders, which is why many of them may be hesitant to offer mortgages on such properties.

Not sure what the price of rent is, but $9,000/mo household income in Cleveland is pretty strong.

This is assuming you have a stable income from a high paying field like tech with household income scaling between 100-550k per year which is possible if you have a wife with a high paying job as well.

Still, two different sources that use that data show the % of total households that are rented in Birmingham is closer to 31%, and the NLIHC shows Jefferson County is up to 37% (you can change the MSA/county selection via a drop-down menu on the right)https://reports.nlihc.org/oor/alabamahttps://www.deptofnumbers.com/rent/alabama/birming...The 'Dept of Numbers' also shows our rental vacancy (number of vacant rentals vs total number of available rentals, which includes apartments) being below 8%:https://www.deptofnumbers.com/rent/alabama/birming...I always love to see folks diving into the numbers and really honing in on market analysis.

Send me direct message or we can set up a call if you’d like.Hey Rachael, I have been looking at Cleveland lately and a concern I have is the fairly low median household income and the unvaried job market.

Is it true that every person in a household can only own up to 4 investment properties to be qualified as a conventional loan? 

No Exceptions.They are either approved (as a household group), and everyone else gets their fee back, or we deny and move on to the next app.

Hi Peter, no the 3X means their household income needs to be at least 3* of the asking rent.  

Some like condominium notes some do not.