Buying and keeping a 2nd home #shortvideo #shorts #short #realestate #money #investing #house #tips

I just got off the phone and how do I qualify for both properties? See, I got a client that wants to keep their existing home as a rental and they want to go buy a new primary residence. So how does a lender look at that? Well, they're going to look at this house that they're keeping and their mortgage payment. Let's say it's $1,000 a month as the mortgage payment and the current rent rate on it is $1500. So there's a $500 positive. So what they're going to do is they're going to take that and they're going to wash the debt to income on this because there's income and rent that offsets the debt on the property and that lender is going to qualify you. So basically it zeros out and you're going to go on to the next one and be able to buy the next house as an owner occupant while keeping this as a rental.