U
/u/Nina-D
Guest
Good afternoon!
I have been renting beds out of a leased apartment for going on 3 years now, bringing in $4400 month which covers the rent/utilities/supplies I provide to my tenants. I also occupy the unit and come out with a little profit at the end of the year.
I'm interested in buying a house and moving my tenents there with me. The mortgage for homes in area would be comparable to the rent I'm paying now, but I wouldn't qualify with only my personal income. Am I correct in assuming that the rental income I'm collecting would count towards my DTI only after I deduct expenses (rent, utilities, etc). Would being able to show 3 years of consistent rental income help with qualifying for a higher mortgage amount?
I have been watching the market for suitable properties that I can qualify for with only my personal income, but a colleague is insistent that the rental income can be counted without deducting expenses as it's a leased unit, not a mortgage. I have a feeling he's incorrect though.
Thoughts?
Thanks!
submitted by /u/Nina-D
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Rental Income Question
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I have been renting beds out of a leased apartment for going on 3 years now, bringing in $4400 month which covers the rent/utilities/supplies I provide to my tenants. I also occupy the unit and come out with a little profit at the end of the year.
I'm interested in buying a house and moving my tenents there with me. The mortgage for homes in area would be comparable to the rent I'm paying now, but I wouldn't qualify with only my personal income. Am I correct in assuming that the rental income I'm collecting would count towards my DTI only after I deduct expenses (rent, utilities, etc). Would being able to show 3 years of consistent rental income help with qualifying for a higher mortgage amount?
I have been watching the market for suitable properties that I can qualify for with only my personal income, but a colleague is insistent that the rental income can be counted without deducting expenses as it's a leased unit, not a mortgage. I have a feeling he's incorrect though.
Thoughts?
Thanks!
submitted by /u/Nina-D
[link] [comments]
Rental Income Question
Continue reading...