patrick.net

you sure you can get $1900/month for a place that costs $235k?

HOA fees?

I don't blame you for wanting to buy it if you can get that kind of rent.

I'm no expert, but my understanding is that the bank will be likely to discount or not count the rental income unless you have some track record. Even without the income, though, your debt to income is probably within range.

I do know someone who did exactly this (3 properties over the course of 4-5 years), but had some difficulty qualifying for the 3rd property.

Here's the property: http://www.redfin.com/CA/San-Jose/20-Ryland-Park-Dr-95110/unit-306/home/559072

Rents in that area on Craigslist for a loft are around $1900. The HOA dues are $300 a month.

cksv says

Can I get a standard mortgage on both of these properties

Yes

cksv says

My income is $103,000/year. Will I qualify for both of these mortgages when the rental income is added?

Very close to underwriter's standard depending on downpayment, depends where rates are later. If rates go up, it may be problamatic but I say yes

cksv says

Ok now that I've removed that silly 3 post lock.

Sorry about that, but it's necessary to keep spammers from posting.

Think I should switch to some other way, like asking people a really simple math problem?

cksv says

Here's the property: http://www.redfin.com/CA/San-Jose/20-Ryland-Park-Dr-95110/unit-306/home/559072

Rents in that area on Craigslist for a loft are around $1900. The HOA dues are $300 a month.

let me tell you something. You dont want that property. Zoom out a bit and look at where it is in proximity to the airport. With the amount of noise It would be very difficult to keep it rented.

besides that I think you have the right idea. stick to areas that you know well (like within 1-2 blocks) and I think your plan may work.

Talk to a loan agent and they will let you know if you qualify.

I think the reason I was able to buy two more rentals this year was because they were both cash flow positive and I have over 100k in savings.

cksv says

Ok now that I've removed that silly 3 post lock.

Sorry about that, but it's necessary to keep spammers from posting.

Think I should switch to some other way, like asking people a really simple math problem?

No, I'm sorry for posting nonsense replies in random threads to overcome the lock :-). Some sort of question to validate that they are human would definitely be better.

Think I should switch to some other way, like asking people a really simple math problem?

Perhaps captcha for the first few posts? It can be sort of annoying but for most people it won't be the first time they see it.