Thank You
I have owned a number of houses and I also have owned rental property... but the current house will probably not sell or not sell very quickly so i figure i will just keep it.... after all I am a collector of houses...
So I have a house that I plan on keeping as a rental..
i am wanting to buy another one.... my problem wont be renting the former house... but my problem will be qualifying for a new mortage when I have a current mortage.... so any suggestions....
One way to get around your problem is to place your rental property in a land trust, assign your tenant a beneficiary interest, and set your tenant up on a triple net lease. This method of allowing your tenant to purchase your home "subject to" is protected from the DOSC.
Because in a triple net lease you have no responsibility for maintenance or repairs and no exposure to vacancies, you can get a new loan without a problem. Your Trustee will write a standard letter to your new lender that will not count against your Debt-to-Income Ratio. We do this regularly. Good luck to you.
Da Wiz
If the PITI payment on your current mortgage is less than 75% of your rental income, the lender will see this as a positive cash flow and it will not negatively affect your ability to get another mortgage (unless you have 10 mortgages already...)
Chris
thank you...
i am in kentucky so I thank we call it a
contract for deed here.... does this sound right
and I think your taking about a lease to own...
how do i set one of these up "da waz"