This type of financing is popular with investors because it doesn't require any income verification.

Knowing what you are needed an income property to do inside your portfolio will help you narrow down what initial steps make the most sense for you. 3) New construction can have rate buy downs paid for by the builder and new construction comes with a lower repair and cap ex cost the first 10 years (usually). $450k is a big number when only $2500 in rent is coming in the door.

I have a great credit score, good stated income, and about 50k worth of personal credit to my name already, so it was relatively easy to get approved.

I would use the rental income to hire a maid service to do weekly cleaning for me. 

Line 11 on this forum shows all you passive income plus $25k.

If you have trouble showing income and the property is non owner occupied, you may qualify based on DSCR 

I'm looking to get a loan for my first non-owner occupied rental property but my current lender is telling me my debt to income ratio is too high due to my student loans and mortgage.

Our idea is to convert part of the home to a Jr Adu and get rental income that will offset the expenses for dear dad and let dad live rent free.  

In these cities, your financial resources will go a long way enabling you to assemble a diverse multifamily portfolio and initiate a steady stream of income.

Many credit card issuers report account activity to all three major credit bureaus, but some don't.