Advice needed: Looking into investing in a non-owner-occupied 4-plex
Hi All,

The title says it all, I'm hoping to get advise on avenues I should approach to get a loan. I will have 20-25% down, have no other expenses. Also, I understand that I will be able to use 75-80% of the potential income from the property as income for loan approval purposes, is this true? I live in the SF Bay Area, so looking around this area. Any other pointers will be greatly appreciated, thank you for your time.


Disclaimer: I am very new to this
[{"id": "chccm0q", "text": "What are the current units renting out for?", "replies": [], "depth": 1}, {"id": "chcfk9r", "text": "Normally you have to have 2 years income before they acept it as income. Not always, but thats what I have seen.", "replies": [], "depth": 1}, {"id": "chcht1c", "text": "Here you go:\n\nhttps://docs.google.com/file/d/0B-hZQ2T7l8GbZlpSVXRTTFo5RjA/edit\n\nDownload that excel spreadsheet. Input numbers and figure out if it works. The loan process depends on the bank. Banks all have different ways of handling it. I suggest finding a mortgage broker since they have access to many banks instead of just one. They should be able to get you the loan as long as you have a decent income to go along with the rental income.", "replies": [], "depth": 1}, {"id": "chp0hz0", "text": "SF area, wow.  You're feelings are true, but these aren't normal times.  As you are probably already aware, rental properties are selling for a mint.  If you can get something for a deal, more power to you.  The less debt you have, the better off you will be.  You need to be cash-flow positive from day one.  And don't rely on pro forma numbers.", "replies": [], "depth": 1}]