[Independent_guy]

Hi, When calculating total debt service (TDS) for the banker as part of my mortgage application do you recommend I use past 2 years average income although I am not working currently? does it make sense explaining I am looking for a job and most likely will find one soon that meets or beats the previous income? alternatively should i tell my banker i will be working soon (i have a high demand profession and can easily find a job IF I WANTED TO...!) or should i share my plan not to work as a regular employee but rather enjoy passive income from real estate investments? what is the most recommended way to share the information/plan with the banker in order to maximize my probability of being mortgage approved??? THANKS!just to clarify - it is an investment property mortgage I am applying for, more specifically a triplex. txHello Lake Lover!,Thank you for the SUPERB input!!!I really appreciate you sharing from your rich experience. Your answer really exceeded my expectation and IU am glad I shaed my dilemma here. my meeting with the banker is early this week and i will definitely use some of the advice you provided! Thanks again. take care and enjoy the lake.

[debbie p]

Not working?? No chance. they want a w-2 for the prior year and a pay stub.

[Lake Lover]

At the risk of having people think I am a fool for answering that looks like a put on, I will bite. You MAY be able to get a mortgage even if you are not currently working a 9 to 5 job. (1) Be absolutely sincere and honest in your approach to your mortgage broker. I recommend you use a mortgage broker. He will have the most options for your specialized treatment.(2) You need to have an impeccable credit history.(3) You need to have a believable business plan taking into consideration your down payment or other means to provide a meaningful equity buildup in the property.(4) You need to convince the lender that you are intent upon managing and improving cash flow from the property.(5) You need to prove in black and white that you are capable of doing just that,that you are a capable manager, and that from the getgo you can pay the mortgage.(6) You must satisfy the lender that you can easily situate yourself in a good job, and that need be, you would certainly do so. But, you want to devote yourself to real estate investments full time to maximize the potential you see on the horizon for great profits in real estate ownership.I hope you don't add yourself to the list of distressed property owners. Maybe you will follow in the foot steps of Donald Trump! Go get 'em, Tiger!