How long do you have to be self employed before you can get a

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>>1018140
Until you die.
Mortgage = morgue gauge

>>1018140

What need does a house satisfy that your current accommodation doesn't?

>>1018797
I'm currently renting an apartment.

No yard to build a BBQ pit.
Not able to build a shed and workshop.
Not able to park my boat.
Not able to do any renovations because it would only benefit the owner.
Etc.

I could rent a house for $2K/month or get a mortgage for the same value house at $600-700/month.

>>1018140
Don't know exactly. Underwriters would like to see at least one tax return showing your SE income, if not two. So if you do your taxes right away you could apply for a mortgage in January. Again they'd prefer another year but if everything else looks good you have a good chance I think.

>>1018800

That spread does not sound reasonable. If there was a market where you could do that consistently it would get flooded by real estate investors immediately. I'm betting the amount of rent you could actually get is quite a bit less.

>>1018140
Two years tax returns, and certified accountant statements. Usually for a manual review. But talk to a mortgage broker.

Its a lot easier to buy the house cash and refi though.

>>1018805

My Grandma's house estimated market value is $277K and they rent it out for $1,500/month. That would be what, $600/month at 5% with $50K down payment? It's hard to find rental homes that cheap around here. Most houses are in the $400-800K range.

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>>1018800
>I could rent a house for $2K/month or get a mortgage for the same value house at $600-700/month.

That is quite the load of shit and I've seen some.

Reverse those numbers and you may be right. $800-1000 rent versus closer to $2k monthly in mortgage plus associated costs for "renting" a house from your bank.

>>1018819
This is the most retarded post I've seen all day.

>>1018811
Try about $1000/month with a 4% rate and 50k down. You come out ahead slightly by buying in that market.

If you are willing to sacrifice location you can be well ahead of renting in some markets
>In my area 2br rent is $750/month
>3br houses are 80-100k
>$350/month mortgage

Buying is a no brainer when it costs half as much as renting.

>>1018819
>mortgage plus associated costs for "renting" a house from your bank.

In the long run you own the house outright and only have to pay for upkeep and property taxes. 15 year mortgages are a bit brutal in terms of payments, but you save in the long run. Nothing prevents you from putting more money towards the mortgage every month.1 extra payment a year shaves 10 years off a 30 year mortgage.

Rent if you plan on moving every few years for jobs or have 0 interest in /diy/ and need little space. Buy if you plan on staying in the area long term and are /diy/

I think it is 6 months to a year.

But the larger the down payment, the less the bank cares about income history.

I'd get a $250k house if I were you, and put 20% down.

>>1018811

6.67% gross margin is awful to try to manage. literally 0 room for ANY fuckups.

When renting homes you usually want double digits in gross margin. Difficult to get these days, but not impossible.

>>1018873

Yup. Replace the hot water heater and you're out like 6 months of profit.

>>1018840

>saving $500/month
>coming out slightly ahead

Okay Donald Trump