10-23-2012 08:31 AM
My fiance' and I have a good savings (6+ months all bills covered) and have a decent amount left over every month to keep contributing. Im 1 month away from dropping my monthly debt payments down $350/mo.
I was thinking about buying a nice small house (40k and under) and renting it out. My hope is that my mortgage payment is so low that I can replace the debt I am losing, and not notice a difference. Ive found several properties and have a few co-workers already interested in renting if I buy. Average rent for the area is $750 for this size home, and my estimated mtg for this house will be around $300. Im talking to a lawyer this weekend to see what legalities I need to adhere to.
If I proceed and buy this home, will I be able to get another mortgage next year for my own living? Obviously I know I'll claim the income on taxes and am asking this as a hypothetical, being that Im assuming my DTI to be the same as it is now, worst case scenario.... best case, it goes up because of the extra monthly income.
Will this cause headaches by having two mortgages?