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Hi everyone....you may recall a while back I posted regarding a 200K inheritance I received.
I currently live in one of the largest metro areas in the country and have been considering purchasing (mortgaging) a duplex/triplex rental property where I would occupy one of the units. I probably wouldn't act on it for a couple years but still have some questions.
I currently earn 55K a year but in 2 years my salary will be around 75K if I stay with my company after being promoted for completing a trainee program.
Said duplexes/triplexes are currently selling for 400-500K. My question is, even if I put 20% down (and planned to rent out the other unit(s)) would I even be qualified for a 300-400K loan due to my low income for such a large loan?
Given the popularity of my neighborhood (the "trendy area of the city"), I could rent out the other two units and live for free and still have a large "spread" on the rental income vs mortgage payment, enough to cover property taxes and still have left over rental income.
What are your thoughts? Even if I told the bank my plan...?
I currently live in one of the largest metro areas in the country and have been considering purchasing (mortgaging) a duplex/triplex rental property where I would occupy one of the units. I probably wouldn't act on it for a couple years but still have some questions.
I currently earn 55K a year but in 2 years my salary will be around 75K if I stay with my company after being promoted for completing a trainee program.
Said duplexes/triplexes are currently selling for 400-500K. My question is, even if I put 20% down (and planned to rent out the other unit(s)) would I even be qualified for a 300-400K loan due to my low income for such a large loan?
Given the popularity of my neighborhood (the "trendy area of the city"), I could rent out the other two units and live for free and still have a large "spread" on the rental income vs mortgage payment, enough to cover property taxes and still have left over rental income.
What are your thoughts? Even if I told the bank my plan...?
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