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  • Profile photo of jfragmentjfragment
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    @jfragment
    Join Date: 2004
    Post Count: 4
    April 21, 2004 - 5:47 am

    Or (thinking more about what lucifer was saying) do I claim that I make $900 more in income and write off the mortgage? Does this make any sense?

    Profile photo of jfragmentjfragment
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    @jfragment
    Join Date: 2004
    Post Count: 4
    April 21, 2004 - 5:45 am

    Thank you for the responses but I want to make sure I understand.

    If I buy a condo and the total mortgage and fees = $850 and the renter is paying $900.

    Now, my salary hasn’t increased and the condo was all I could afford according to the bank, what are my options of getting IP #2? Do I need to save another 5%-20% for the next property off of the $50 coming in off the rental or will the bank see that this property pays for itself and “start me over”?

    Thanks again! I’m such a noob

    Profile photo of jfragmentjfragment
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    @jfragment
    Join Date: 2004
    Post Count: 4
    April 21, 2004 - 5:31 am

    After reading my first post I don’t think I made a ton of sense. Here’s another go at it.

    How do I buy another property with my first property just paying for itself? How do I convince the bank that I can afford to get another IP?

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