Not exact matches
I'm having a hard time getting equity out of my 5 properties, 1 paid off, the rest with plenty of equity, but my debt to income ratio of 60 - 65 % and the fact that
most of my income is coming from short term
rentals (airbnb, between 75k - 85k income), is making
qualifying really difficult even though I have 2 years of history, 740 credit score.
We are currently seeing record
rental rates in Manhattan, partly because, the economic downturn has made it impossible for
most people to
qualify for a mortgage.
30 % of the total gross income used to
qualify the borrower for the mortgage may be from boarder revenue if: the individual (s) has lived with and paid rent to the borrower for the last 12 months, the boarder can provide appropriate documentation to demonstrate a history of shared residency (a copy of an official document (s) showing the boarder's address as being the same as the borrower's), and documentation of
rental income for at least 9 of the
most recent 12 months (averaged over 12 months).
As a real estate professional, you're
most likely to be acquainted with clients using Section 1031 like - kind exchanges in commercial, agricultural, and
rental real estate, but investors can also use it for heavy equipment, artwork and collectables, airplanes, trucks, livestock, and other
qualifying assets.
Tenant screening gives you the ability to accurately evaluate your
rental applicants in order to determine which prospects will be the
most qualified tenant.