In the current market there literally may be no better time to buy real estate in the United States. Why? As housing values fell over the past few years and record foreclosure filings were reported we're now beginning to see some sort of a rebound. Home prices have stabilized in many areas and have stopped falling. And interest rates are still at record lows. If home prices begin to rise, the best time to buy will be in the rear view mirror. Are you ready to buy your first rental?
There are many considerations in buying investment real estate and the first consideration might be having the proper mindset in being a landlord. Unless you pay for and use a property management company you can expect a phone call at the most inopportune time with your tenants screaming, "Our toilet is backed up and there's sewage in the garage! Come and fix this now!" If you think you can handle these day to day matters of being a landlord then you've crossed the first hurdle. The next hurdle is getting approved for a mortgage.
When buying investment real estate, the rule of thumb is making sure the property cash flows; ทาวน์เฮ้าส์มือสอง ราคาถูก do your rent payments cover all the costs associated with the property? If so, it has a positive cash flow. If not, maybe you need to look at other options.
But what if the property does cash flow do you need the rental income in order to qualify for the new mortgage? If your current income is enough to cover your current mortgage as well as the new one without using rental income then there's no issue regarding using rent to help qualify. If you need the rent to help qualify you'll need to jump through another hoop.
If you've had previous landlord experience with other properties a lender can allow you to use the income from the rental to qualify you. This can be established by providing copies of previous lease agreements or income tax returns showing rental income and associated expenses. If you've never been a landlord before however, it might be tough going getting conventional financing.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น