Searching for rental income properties is no joke. We're in kind of a weird situation. We're trying to get pre-approved for a mortgage BUT we have 1) me- who is about to change jobs/might be jobless upon moving and 2) danny- who hasn't worked for a million years, but has an employment contract which identifies guaranteed income per month.
We have an income to debt ratio that might make some lender's hearts beat fast, but, we also have options such as IBR, PAYE, etc etc to sign up for. But, we also cannot sign up for those options until his loans go into repayment, in June when he graduates.
Anyway, it has complicated the process of getting pre-approved for a mortgage with all of this craziness going on.
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| Me, getting pounded at Pounders. Its a metaphor. |
Its also tricky being at a distance and maintaining full time jobs/school and trying to schedule in looking at properties. Not to mention the cost of traveling to go look at those properties, sheesh!
What do you think? Are we in over our heads? Is it worth it??
Have you decided where you are going?
ReplyDeleteI wouldn't do it! I follow Dave Ramsey's financial plan and he has saud like a million times on his radio show to never go into debt to buy a rental property. That is something you should buy with cash when you have no other debt. I personally think it would be more stress on you all. He also suggests the rental property to be within close proximity from where you live so you can check on it often. You guys are about to move. I think it is too much right now. Figure out what you are doing with the student loans first and then go from there is my suggestion. :)
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