I want to build up properties to rent out and have positive cash flow but when I tried to buy an house and say I was renting out my current house, the bank said they needed proof of a years worth of a tennant living there before they would not consider my current house as part of my debt and therefore, I was at 46% on debt ratio which was over the limit. I wanted to move in, rehab and then buy another to rent once I was done.
buy, fix, rent
I want to build up properties to rent out and have positive cash flow but when I tried to buy an house and say I was renting out my current house, the bank said they needed proof of a years worth of a tennant living there before they would not consider my current house as part of my debt and therefore, I was at 46% on debt ratio which was over the limit. I wanted to move in, rehab and then buy another to rent once I was done.