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- July 20, 2011 at 6:36 am #352555
My husband and I would like to buy several houses and rent them out. As many as possible, really. (we currently dont own any properties)
What we are utterly confused about is…… how will buying our own house to occupy ourselves affect the amount of other houses we can buy to rent out?
If buying a house for ourselves will limit the number of houses we can buy as investments…. we would rather stay renting and only buy investment properties. so we need to figure this out.
How does mortgage lending work with buying a 2nd, 3rd 4th etc property? How exactly do you qualify for so many mortgages?
Do we only have a maximum amount that anyone will lend us at one time? (for example, if we could qualify for a maximum of 500k based off our income, would that mean we could only buy houses up until we hit that 500k for lending? so like, 2 houses maybe?)
Anyone understand and can help?
Thank you datdude, that was very helpful..
Now let me just clarify so I understand perfectly…
It is all down to your DTI basically, you can own as many houses as you can (under the limit, of course) as long as all those monthly mortgage payments (plus other debt) come to 45% DTI or lower?
Is this correct?
So buying our own home WILL lessen the amount of investment properties we can buy!
becausei: Thanks but no thanks… you didn’t answer anything that was related to my question. My question was about financing and qualifying for multiple properties.
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