Welcome @John Counts having the proper mentor is a huge plus when just starting out.

Since you have a mortgage history, you can count 75% of the potential rental income, on the future purchases.

The one thing I learned through that experience is that you can always count on family.

Some banks will want to see two years of rental income before they count it in your favorSome banks will allow you to count a portion of the rents--usually 75%

This has been quite a year and I’ve put countless hours into this project (ok I could count them, but I don’t want to).

I don't know any investor worth his or her salt who wastes the money on an inspection, and I can't count how many times I've talked to people who've had incredibly negative experiences with them.  

Casual Meet and Greet for anyone interested in any aspect of Real Estate Wednsday December 2, 6:30 PMPelancho's 117 W Macon Ln, Seymour, TNPlease let us know if you are able to attend so I can let the restaurant know the count!

We were shopping for mortgages thinking if it was for the one purchase, it would only count against us once, but that's apparently only if it's in the same 2 weeks, so each inquiry counted against us, especially as lender said we should keep our pre-approval active so they'd pull another credit check every 3 months or so, and we went almost a year before actually finding a deal worth buying.  

. ;) just ca. 20k is little high.I did live in the property for 5 years and rented for another 5, so I was hoping that HOA from the first 5 years that condo used to fix the leaking roof and elevator and garage door could be somehow counted against my base.Also what about excise tax?

I'm speaking with lenders and from what I understand they generally count 75% of gross rents toward income and require that DTI be <= .42.