trying to purchase 3rd property
My fiance and I both own properties:
she has a condo and is renting it out, her rent covers all operating expenses.
I own a triplex, where the gf and i live on 1 floor and rent out the other 2. the rent from the other two floors gets me 100-200/month profit after expenses.
We both work full time, and make a semi-decent salary.
I have talked to TD about purchasing a 3rd property and they had said for rental income they can only take 50% of the income and use it towards ur salary, which is fine and i've heard of that before. after running the numbers he said we could only afford a mortgage of 150-175k
I have also heard with some of the smaller mortgage companies that they can use up to 80%? as long as u have 20% downpayment? does anybody have any new information about this? or any other ideas how we can purchase another property WITHOUT selling 1.
she has a condo and is renting it out, her rent covers all operating expenses.
I own a triplex, where the gf and i live on 1 floor and rent out the other 2. the rent from the other two floors gets me 100-200/month profit after expenses.
We both work full time, and make a semi-decent salary.
I have talked to TD about purchasing a 3rd property and they had said for rental income they can only take 50% of the income and use it towards ur salary, which is fine and i've heard of that before. after running the numbers he said we could only afford a mortgage of 150-175k
I have also heard with some of the smaller mortgage companies that they can use up to 80%? as long as u have 20% downpayment? does anybody have any new information about this? or any other ideas how we can purchase another property WITHOUT selling 1.