Without significant cash for PD and reserve funds you will not likely be successful.To qualify as a investor you must have something to invest...cash or experience.Work hard, adopt a frugal life style and save to invest.

Aloha,First time posting here on BP and would love to get some advice on purchasing a second property out of state as properties here in Maui or sky high.Ideally I’m trying to purchase a second property to use either as a rental or Airbnb property and want to know if I would be able to qualify for another mortgage so I can set goals for myself.

Questions for Lenders When do you start using rental income to help me qualify?

They own the consequences.By the way, with over 300 rentals, I get a couple instances a year that may qualify for a renter insurance claim.

And for sure in a market like ours were renters many times are qualified to buy homes as rents rise they say the heck with that and go buy a home..  

Even if you go through all the work to fix up the park and bring in homes to fill up vacant spaces, there will not likely be enough demand to sell the homes to qualified tenant buyers. 

The general public is protected.Also without a more experienced Co-Sponsor on a deal, a 1st timer will have a hard time qualifying for a Fannie Mae Loan which is used a lot on Syndications.There is always risk in this business, nothing is guaranteed.

I know I can qualify for that loan if I had the down payment support for option a, the 3.5 percent down by fha or some other means being the 10 percent down.

@Allen Li a good lender should be using all of that rental income to help you qualify. 

When I have put others up for rent in Spring or summer I have qualified tenants ready to move in within days, sometimes before renovations are complete!