Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > California > Sacramento
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-21-2010, 11:05 PM
 
6 posts, read 11,894 times
Reputation: 10

Advertisements

can anyone give some advise;
im 21 years old, part time college student
5 months i bought a house my loan is 100k. payments are under 1k a month. i rent it out for 1k. i have it as owner occupied.
i don't pay rent and don't have any major bills.
do you think i can get another loan for an investment property?
property would be around 70k. and how much down would i have to give?
is my debt income ratio to high?

thanks guys
Reply With Quote Quick reply to this message

 
Old 01-21-2010, 11:28 PM
 
Location: Sacramento
14,044 posts, read 27,213,099 times
Reputation: 7373
You didn't mention anything about income, aside from the rental property.
Reply With Quote Quick reply to this message
 
Old 01-22-2010, 05:08 PM
 
6 posts, read 11,894 times
Reputation: 10
$2800 a month before tax
Reply With Quote Quick reply to this message
 
Old 01-22-2010, 05:12 PM
 
2,963 posts, read 6,261,210 times
Reputation: 1578
$2800 a month? Do you work at McDonalds?
Reply With Quote Quick reply to this message
 
Old 01-22-2010, 06:20 PM
 
Location: Sacramento
14,044 posts, read 27,213,099 times
Reputation: 7373
I would think getting a loan may be difficult at that monthly income level.
Reply With Quote Quick reply to this message
 
Old 01-22-2010, 07:26 PM
 
6 posts, read 11,894 times
Reputation: 10
no I don't work at MCDONALDS!
i wrk 4 days a week and i go to school 3 days.!!!
Reply With Quote Quick reply to this message
 
Old 01-22-2010, 07:27 PM
 
6 posts, read 11,894 times
Reputation: 10
even if i have the 20% down.?
or how much is it for an investment property?
Reply With Quote Quick reply to this message
 
Old 01-22-2010, 07:39 PM
 
Location: Everywhere and Nowhere
14,129 posts, read 31,246,614 times
Reputation: 6920
If you're renting it out how can you say it's owner occupied?
Reply With Quote Quick reply to this message
 
Old 01-22-2010, 08:27 PM
 
6 posts, read 11,894 times
Reputation: 10
im renting it out to one of my family members.
Reply With Quote Quick reply to this message
 
Old 01-22-2010, 11:27 PM
 
Location: Sacramento
14,044 posts, read 27,213,099 times
Reputation: 7373
If I'm not mistaken, you aren't claiming the income on the property. This would mean (among other things) that you would have the liability of the monthly cost counted against your monthly income. Doesn't leave much room for risk if investment house is vacant for a period of time.

Even with 20% down, I think you may need a co-signer for a loan.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > California > Sacramento
Similar Threads
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top