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jvm1x
Member
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Posted: Thu May 8th, 2008 06:45 pm |
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nice work - im amazed that a lender will do this - most lenders want landlord history for minimum of 2 years.
Good luck with the purchase
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blasphemy
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| Joined: | Fri Apr 25th, 2008 |
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| Posts: | 5 |
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Posted: Thu May 8th, 2008 06:41 pm |
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Anyone who is interested: JP Morgan Chase is doing my loan and considering 75% of the projected rents in their loans to me.
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jvm1x
Member
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Posted: Thu May 1st, 2008 06:53 pm |
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I am not a mortgage company or banker.
But from my viewpoint - it doens't look like you should go this route. If you have no experience landlording - I would'nt start out with your own home with a mortgage you cant afford unless someone is renting.
Tenants leave, dont pay, wreck the place, etc etc and the mortgage still needs to be paid. This does not look like a wise move, in my humble opinion.
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blasphemy
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| Joined: | Fri Apr 25th, 2008 |
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Posted: Thu May 1st, 2008 06:40 pm |
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Thanks for the response.
What if I get my parents to co-sign? I have been financially independent from then for years but I think they would be willing to put their name on the mortgage if it would help me get approved.
Does this help?
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jvm1x
Member
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Posted: Tue Apr 29th, 2008 08:06 pm |
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Reason I think no bank will accept the income .. is b/c the income is not currently present. I know for rental income - banks usually want the income to be active for over 12 months. Prior to 12 months - they wont look at it either.
In this case - you don't own the property - its not rented and you are not 100% certain that you can rent it and have it occupied all the time with $$ coming in.
If the tenant went sour - and you had to evict - you would be months without rent payment, yet your mortgage payment would be the same.
Good idea - but high risk. If you cant afford the mortgage without that assistance from the tenant - I consider this a very bad idea and I wouldn't do it.
Just my 2 cents - hope it helped.
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blasphemy
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Posted: Fri Apr 25th, 2008 02:00 pm |
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I am interested in buying what's called a '2 flat', which is basically just a duplex only the living spaces are on top of one another instead of next to each other. Each unit has its own entrance, water heater, utilities, etc. I want to purchase one of these, live in one and rent the other out. I could not afford a building of this price if I was not renting half of it out. I have called 2 banks for mortgages and they will not consider this income in my approval. Does anyone know lenders that are savvier in considering such circumstances?
Just to illustrate why I want to do this….. I could buy a condo in the same location for about $290K that would require I pay around $110 - 210 a month in "maintenance". If I buy a 2 flat I can get into one for about $400K - 420 and receive about $1,100 - $1,300 in rent a month, no maintenance (fee simple). If you run the numbers it is much cheaper to get the 2 flat. Additionally, I would rather live in the 2 flat it offers many other advantages which I’m interested.
Advice on lenders appreciated.
Thanks!
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