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Investment properties, how much does it effect future approval amounts?
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Investment properties, how much does it effect future approval amounts?
DH is going in on a condo flip in Tampa. The condo already has renters in it, we would own it for 2 years with another guy, then sell it.
The only thing I cam concerned with is that I will be purchasing my own home this year. When I go for my personal mortgage, is this going to reduce the amount that I am approved for?
TIA
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Posted 2/26/06 9:54 AM  |
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Prudential Douglas Elliman Real Estate
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Investment properties, how much does it effect future approval amounts?
I'm not sure by how much but it will increase your debt to income ratio so i do think it will lower the amount you're approved for.
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| Posted 2/26/06 11:27 AM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: Investment properties, how much does it effect future approval amounts?
We are looking to buy investment properties also. We already bought our house, so I am not sure if it will effect the amount you will be approved for, but I know Ray has been researching this for a while and is going to buy the properties through an LLC. Maybe taht is something you should look into?
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| Posted 2/26/06 1:26 PM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Investment properties, how much does it effect future approval amounts?
Posted by julz33
We are looking to buy investment properties also. We already bought our house, so I am not sure if it will effect the amount you will be approved for, but I know Ray has been researching this for a while and is going to buy the properties through an LLC. Maybe taht is something you should look into?
that is what we are doing too, using our LLC's to purchase them, we both have our own. We also own a home allready so I dont know if as a first time buyer how it will affect you, good luck though!
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| Posted 2/26/06 1:30 PM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: Investment properties, how much does it effect future approval amounts?
thanks guys. So I talked to my mortgage broker, since it is beening rented, we would be held for 25% of the loan amount. Which isn't too bad. I just hate to limit our options when we are buying our home later on this year
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| Posted 2/26/06 2:30 PM |
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