(Closed) landlord bees

posted 6 years ago in Home
Post # 3
284 posts
Helper bee
  • Wedding: October 2011

We are in the process of building our 2nd home and becoming landlords of our first…so I can’t weigh in too heavily, but what I can say is that one of the issues we have run into is qualifying for that 2nd mortgage. Because our current home hasn’t been rented yet, we can not use the rental income as income. Meaning that our ratio of debt to income has to include both mortgages, car payments, etc. It is my understanding that once you have rental income history for one consecutive year, it can be counted as income and not as debt. Hope that helps =)

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