{ "media_type": "text", "post_content": "Currently have a mortgage on a 1 br in NYC (7 yrs in/30 fixed). Am looking to buy a home and rent the apt for income. Current income could not cover both properties reasonably (would be 80%+ of my net income), but I have enough cash to put 20% down. At worst, I'd still break-even on the NYC property. A refi could make the worst case profitable. Have 4 mo cash to cover apt vacancy.\n\nViable to get a primary residence mortgage? Really don't want to sell the NYC apt if I don't have to.\n", "post_id": "61741e3783df950034e4a4cf", "reply_count": 11, "vote_count": 2, "bowl_id": "5a5242b78e26290018502ca0", "bowl_name": "The Real Estate Bowl", "feed_type": "bowl" }

Currently have a mortgage on a 1 br in NYC (7 yrs in/30 fixed). Am looking to buy a home and rent the apt for income. Current income could not cover both properties reasonably (would be 80%+ of my net income), but I have enough cash to put 20% down. At worst, I'd still break-even on the NYC property. A refi could make the worst case profitable. Have 4 mo cash to cover apt vacancy. Viable to get a primary residence mortgage? Really don't want to sell the NYC apt if I don't have to.

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I would list your property for rent and see how much interest you get at your target price. Ideally, you would go into a meeting with a signed contract/ lease in hand

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I just did the same exact thing a few months ago. Happy to discuss if you want to DM

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Thx... will msg you later today.

I don’t think the investment property would count against your DTI.

The rules for this keep changing, so really hard to say until you’ve spoken to a lender who will underwrite a loan for this.

Count in the rent for your 1 br as part of your income. This is how the lender will view it.

Yes. That’s exactly what the lender will do.

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