Would like to buy a 3rd property
currently own two homes:
1. Home where my mom and dad live - Mom and I are both on the mortgage. Balance is about 110k, 25 years left. Home is worth about 160k if that matters.
2. My condo - I am alone on this loan - 27 years left, owe about 70k on it, worth about 130k
I would like to turn my condo into a rental - My loan, tax, insurance is about 600$ a month. I should be able to rent it out for 1000-1200$ a month
I would like to move to the city - and purchase something around 300k.
My income in 80k, I have perfect credit. When I was buying my condo 3 years ago, the banks were super tight and cautious with giving out loans and They wouldn't let me borrow much more. I understand I cant use my parents place as rental.
I don't have any other debt, just a car lease which is 450$ a month (I know this wont look good)
Any chance ill get approved for another mortgage?