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Associate Broker/Office Manager for Madison Estates & Properties, Inc.
June 1993—present
I have worked for Madison Estates & Properties since the first day I received my real…
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I have worked for Madison Estates & Properties since the first day I received my real…
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*Custom Tailored Marketing Plans ... show more
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When I represent a Homeowner, my responsibilities include planning, orchestrating, marketing, consulting and servicing the needs of my clients. This includes
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""You and your staff were totaly professional in Handling the showing as well as the sale of our home. We have already recommended Madison Estates & Properties
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Mitchell Feldman answered:
Dear Buyer101:
When you buy a two family house, in most cases the bank will take 70-75% of the rental income and add that to the income you already show on your tax returns. This will make you qualify to borrow more money. If you are a qualified buyer going for a thirty year fixed mortgage, and the rental income is, shall we say $1200.00 per month, you should be able to qualify for an additional $150,000.00. Hence, you would be able to qualify for about $450,000.00.
There are many other factors that come into play, you need to speak to a mortgage banker and have them review your credit report, last two years tax returns, W-2s and last three months bank statements in order to know for sure how much you can borrow.
If I can be of further assistance, please let me know. Good luck!
Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
When you buy a two family house, in most cases the bank will take 70-75% of the rental income and add that to the income you already show on your tax returns. This will make you qualify to borrow more money. If you are a qualified buyer going for a thirty year fixed mortgage, and the rental income is, shall we say $1200.00 per month, you should be able to qualify for an additional $150,000.00. Hence, you would be able to qualify for about $450,000.00.
There are many other factors that come into play, you need to speak to a mortgage banker and have them review your credit report, last two years tax returns, W-2s and last three months bank statements in order to know for sure how much you can borrow.
If I can be of further assistance, please let me know. Good luck!
Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
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