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SD Realtor
ParticipantDepends on alot of things, particularly soil composition and depth.
ParticipantDepends on alot of things, particularly soil composition and depth.
ParticipantDepends on alot of things, particularly soil composition and depth.
ParticipantCongratulations on the closing. I guess some short sales do actually complete!
ParticipantCongratulations on the closing. I guess some short sales do actually complete!
ParticipantCongratulations on the closing. I guess some short sales do actually complete!
ParticipantCongratulations on the closing. I guess some short sales do actually complete!
ParticipantCongratulations on the closing. I guess some short sales do actually complete!
ParticipantAgree with the strategy of acquisition of rentals for passive income down the road. If done carefully it can be rewarding and you guys seem to be going about it in the right manner with an eye on cash flow. Your big risk is depreciation but if the goal is for passive income later in life, you seem to understand what is happening.
The financing is the tricky part though. Lenders (at least in my experience) are harsh on rental income. As you guys know they basically use 75% of it. Harsher though is that many lenders consider seasoning important. That is, if you purchased a home and are renting it out, they may not consider ANY of the rental income unless you have that home declared on your taxes. Some lenders may even want 2 years worth of seasoning! Again, I am not rock solid on this information.
Anyone who has found a lender with less stringent seasoning requirements, if you could speak up that would be helpful.
ParticipantAgree with the strategy of acquisition of rentals for passive income down the road. If done carefully it can be rewarding and you guys seem to be going about it in the right manner with an eye on cash flow. Your big risk is depreciation but if the goal is for passive income later in life, you seem to understand what is happening.
The financing is the tricky part though. Lenders (at least in my experience) are harsh on rental income. As you guys know they basically use 75% of it. Harsher though is that many lenders consider seasoning important. That is, if you purchased a home and are renting it out, they may not consider ANY of the rental income unless you have that home declared on your taxes. Some lenders may even want 2 years worth of seasoning! Again, I am not rock solid on this information.
Anyone who has found a lender with less stringent seasoning requirements, if you could speak up that would be helpful.
ParticipantAgree with the strategy of acquisition of rentals for passive income down the road. If done carefully it can be rewarding and you guys seem to be going about it in the right manner with an eye on cash flow. Your big risk is depreciation but if the goal is for passive income later in life, you seem to understand what is happening.
The financing is the tricky part though. Lenders (at least in my experience) are harsh on rental income. As you guys know they basically use 75% of it. Harsher though is that many lenders consider seasoning important. That is, if you purchased a home and are renting it out, they may not consider ANY of the rental income unless you have that home declared on your taxes. Some lenders may even want 2 years worth of seasoning! Again, I am not rock solid on this information.
Anyone who has found a lender with less stringent seasoning requirements, if you could speak up that would be helpful.
ParticipantAgree with the strategy of acquisition of rentals for passive income down the road. If done carefully it can be rewarding and you guys seem to be going about it in the right manner with an eye on cash flow. Your big risk is depreciation but if the goal is for passive income later in life, you seem to understand what is happening.
The financing is the tricky part though. Lenders (at least in my experience) are harsh on rental income. As you guys know they basically use 75% of it. Harsher though is that many lenders consider seasoning important. That is, if you purchased a home and are renting it out, they may not consider ANY of the rental income unless you have that home declared on your taxes. Some lenders may even want 2 years worth of seasoning! Again, I am not rock solid on this information.
Anyone who has found a lender with less stringent seasoning requirements, if you could speak up that would be helpful.
ParticipantAgree with the strategy of acquisition of rentals for passive income down the road. If done carefully it can be rewarding and you guys seem to be going about it in the right manner with an eye on cash flow. Your big risk is depreciation but if the goal is for passive income later in life, you seem to understand what is happening.
The financing is the tricky part though. Lenders (at least in my experience) are harsh on rental income. As you guys know they basically use 75% of it. Harsher though is that many lenders consider seasoning important. That is, if you purchased a home and are renting it out, they may not consider ANY of the rental income unless you have that home declared on your taxes. Some lenders may even want 2 years worth of seasoning! Again, I am not rock solid on this information.
Anyone who has found a lender with less stringent seasoning requirements, if you could speak up that would be helpful.
ParticipantI would strongly agree with Santee as well. Unfortunately it was hit pretty hard by investors when we bottomed at the end of 08. Also be prepared to get some tools out as you will be most likely fixing things. Still for the money and lot size it may be a realistic alternative. 52 kind of sucks during rush hour. If 300k is your top and you want a detached home I would think, Santee, Mira Mesa, Poway in no particular order. It will not be easy though. 2 years ago yes. Now a bit harder.
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