Investors

Investing in real estate is a fantastic way to generate passive income and increase wealth.  It also, usually, means more mortgages!  The Jay Dacey team can help you with purchasing or refinancing an investment property, or with purchasing a new primary residence and keeping your current residence as an investment.

Purchasing an investment property requires putting 20% down, and these funds cannot be a gift.

 

The Move-Up Buyer or New Investor (No history of renting properties)

Converting an old primary residence into an investment property is a common way to get started in property management.  In this case, you must either qualify with both mortgage payments or you must get a signed lease on your current/old primary residence.  We can only use the future rental income to offset the mortgage payment on that property–you cannot add any “positive” rental income.

 

The Landlord or Experienced Investor (With a history of renting properties)

If you have rental income reporting on Schedule E of your IRS 1040 tax form, we can use this reported income to offset any mortgage payments on your current rental properties.  A lease can be used in lieu of taxes in certain situations, such as if a property was remodeled for a substantial portion of the year and not rented, or when a rental property was purchased mid-year.

Individuals with at least a one-year history of receiving rental income have no limitations on the amount of rental income we can use for qualifying.  This means that your rental income can not just offset the property’s mortgage payment, but can count as positive income for your qualifications.

If you are purchasing a new rental property and need the future rent income, we will order a Rent Schedule with the property’s appraisal to estimate the future rent you’ll earn on the property based on typical rents for the area.

Fill out our online application today to get started!