Hey there, folks! So, guess what? I’ve got a bit of a situation on my hands – I currently have two mortgages in my name. One is for the home my family and I live in, you know, the usual stuff. But the kicker is, the other one is for an Airbnb property that’s been bringing in some serious cash – we’re talking a solid 20-30% return annually. Plus, it’s got a sweet equity of around 200k just sitting there, waiting to be put to good use.
Now, here’s the deal: I’ve been thinking about expanding my property portfolio and diving deeper into the real estate game. Up until now, I’ve been grinding away at my regular 9 to 5 job, pulling in a decent $130k a year and dabbling in investments on the side. But hold up, there’s a new opportunity on the horizon that could potentially bump up my annual income to a cool $180-200k without having to put in any extra hours – all thanks to switching to a per diem setup.
Sounds like a dream come true, right? Well, here’s the catch. With per diem, my paycheck won’t be a fixed amount every time. And that got me thinking – could this unpredictability make lenders a bit wary of giving me a loan for my next property investment? I mean, I’ve got a solid track record of bringing in some decent cash with those biweekly paychecks, usually clocking in at least $5000 before taxes. But will that be enough to convince lenders that my income is stable and reliable enough to take on more debt?
I’ve been tossing around the idea of trying to secure a mortgage under my business name instead. It sounds fancy, I know. But here’s the thing – I don’t really have a solid credit history or track record for my business yet. So, I’m not entirely sure if that’s a viable option for me right now. And let’s not forget about those DSCR loans – sure, they’re an option, but I’ve heard their interest rates can be a bit on the steep side.
So, here I am, reaching out for some advice and guidance. If any of you savvy folks out there have been in a similar situation or have some insights to share, I’d truly appreciate your help! After all, navigating the world of real estate investments and juggling mortgages can be a bit of a rollerco