I’m in a pickle. I want to move - divorce - so I naturally want my own home.
I have a some cash now, and I was thinking I could use it to get a rental or two - or multiplex - now.
Then have the cash flow from the rentals to add to my 9-5 salary, and/or complimenting what I earn by wholesaling homes -
ie. I would replenish my down payment and closing costs with my rental cash flow and salary savings for my OO home (if i cannot use a program)
and/or add to my cash reserves for tenant repairs etc.
Do I have this right?
In order to get financing for a NOO, you need 4-6 months PITI in the bank (plus scores etc.) to qualify for a NOO loan.
Then, after you 've got a tenant, you can use the cash flow as income to qualify for another mortgage, whether OO or NOO
Is this correct?