If a client came to you with 5 RE properties with no mortgages, totaling close to $2M in value. 4 of these 5 properties are income generating about $8,000 per month. The 5th one is their primary residence.
They have close to $1M cash in the bank and their 2019 tax return shows a combined overall gross income of over $170,000.
They are self employed and live off of their investments in Real Estate and the financial markets. In 2020 they have not received income other than the rental income from their 4 properties and some dividends from the markets.
Would you be able to qualify them for a $120,000 loan to buy another investment property?
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