Claiming rental income on next mortgage

Hello all,

I recently applied for a mortgage for an investment property. I currently have one investment property and my primary residence. They told me that I need to claim my rental income on my tax return in order for it to count on the next mortgage, which would mean that I would have to wait until after tax season of next year in order to buy another one. Is this correct? I have enough money right now for another down payment, but according to this I would have to wait until next year at least.

Please let me know if there is a workaround for this. It seems like in this case, acquiring rental properties will be a VERY slow process unless you make quite a bit of money or can pay in cash.

submitted by /u/poletary
[link] [comments]

Hello all, I recently applied for a mortgage for an investment property. I currently have one investment property and my primary residence. They told me that I need to claim my rental income on my tax return in order for it to count on the next mortgage, which would mean that I would have to wait until after tax season of next year in order to buy another one. Is this correct? I have enough money right now for another down payment, but according to this I would have to wait until next year at least. Please let me know if there is a workaround for this. It seems like in this case, acquiring rental properties will be a VERY slow process unless you make quite a bit of money or can pay in cash. submitted by /u/poletary [link] [comments]

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