Could I buy a third property?

mikemake2 wrote: ↑ Hi
First time poster.
Due to work commitments, I ended up with two properties bought my first and then work location moved within three months.

Property one valued at 350k. Owe 240 rented out for 1650 positive cash flow $50 pm

Property 2 valued at 400k owe around 350. Monthly cash outflow about $2300. If rented could probably get $2100 for it.

I have about 100k in liquid assets and a salary of 90k.

I was thinking of moving closer to my parents and buying a place between 4-500k. I would do a 20% dp.

Is this doable? Any specific lenders that would be favourable for this situation?

Thanks in advance

porchemasi wrote: ↑ What my lender told me is rental property is added into your ratio at 50%. so if you earn (p1 1650 + p2 2300) * 12 = $47K /2 = $23.7K Added to your income

You make $90k + $23.7k of potential rental income (after the 1/2) = * 6 = 682k of mortgage
obv this *6 isnt ideal and really *5 is ideal.

Then they look at debt/service ratios but thats all BS with the right broker.

You already have 590k mortgage ... i think you can leverage another 100k mortgage wise from my experience. Dont think that is enough for you for 3rd property @ 400k