Rental income

[Abcd1234 102]

So i am looking at different options.

Here is situation, 

I own a house which is paid off,i live in it.

I can buy one with 50% downpayment,  or maybe if approved 2 more houses with 25% downpayment. 

  If i buy houses,and rent them out. Can i show income if i m paying mortgage on them?

 

[Abcd1234 102]

3 minutes ago, Abcd1234 said:

So i am looking at different options.

Here is situation, 

I own a house which is paid off,i live in it.

I can buy one with 50% downpayment,  or maybe if approved 2 more houses with 25% downpayment. 

  If i buy houses,and rent them out. Can i show income if i m paying mortgage on them?

 

Do the income count as

rent minus expenses 

Or rent - (mortgage +expenses)

 

[payxibka 10,045]

21 minutes ago, Abcd1234 said:

Do the income count as

rent minus expenses 

Or rent - (mortgage +expenses)

 

Taxable income or in the case of many rental units, taxable loss.  Rent minus expenses including depreciation  and interest.  Does not include principle reduction as that is covered by depreciation 

[Abcd1234 102]

28 minutes ago, payxibka said:

Taxable income or in the case of many rental units, taxable loss.  Rent minus expenses including depreciation  and interest.  Does not include principle reduction as that is covered by depreciation 

So taxable income

lets say rent is 1100, expenses plus deprivation lets assume 100. 

  So taxable income would be 1000. Can i show 1000 income on i184, even if i am lets say paying $ 500 mortgage?

[payxibka 10,045]

Just now, Abcd1234 said:

So taxable income

lets say rent is 1100, expenses plus deprivation lets assume 100. 

  So taxable income would be 1000. Can i show 1000 income on i184, even if i am lets say paying $ 500 

If that's how the numbers work.  But if your mortgage payment is 500, the majority will be interest expense that needs to be subtracted as well

[cc13 25]

I noticed your other thread regarding taking a job as a taxi driver to spend more time with your fiancé. 

Not knowing your entire situation, it sounds like you are concerned with being to be able to show enough income down the road when it comes to filing the I-485. 

You mentioned owning your home outright (no mortgage) and seeking to purchase more than one or more investment rental income properties with 25 -50% down, which to me sounds like you have cash in the bank as well. 
The I-485 (not the EZ version) does have a section you can fill out to list assets in situations where reported income alone does not meet the threshold. From what you mentioned, it sounds to me like you may have enough to qualify that way. (listing bank accounts, value of your home, and any other assets you may have)  
If not you can always seek a joint sponsor. 

I would advise against incurring a mortgage (or possibly more than one) and all of the unknown expenses and potential losses of speculative real estate, solely for a form you do not yet have to submit for a year or possibly more. Should you wish to create a real estate investment for your future together, I would advise consulting a certified public accountant that specializes in real estate, before you buy anything. 

You mentioned in the other thread, you would like time off to spend with your fiancé .. Have you considered asking your present employer for a leave of absence (not paid time off, but still have a job when you return) and renting your home on a short term basis while you are out of the country? 
 

Edited February 15, 2019 by cc13

[Abcd1234 102]

3 hours ago, cc13 said:

I noticed your other thread regarding taking a job as a taxi driver to spend more time with your fiancé. 

Not knowing your entire situation, it sounds like you are concerned with being to be able to show enough income down the road when it comes to filing the I-485. 

You mentioned owning your home outright (no mortgage) and seeking to purchase more than one or more investment rental income properties with 25 -50% down, which to me sounds like you have cash in the bank as well. 
The I-485 (not the EZ version) does have a section you can fill out to list assets in situations where reported income alone does not meet the threshold. From what you mentioned, it sounds to me like you may have enough to qualify that way. (listing bank accounts, value of your home, and any other assets you may have)  
If not you can always seek a joint sponsor. 

I would advise against incurring a mortgage (or possibly more than one) and all of the unknown expenses and potential losses of speculative real estate, solely for a form you do not yet have to submit for a year or possibly more. Should you wish to create a real estate investment for your future together, I would advise consulting a certified public accountant that specializes in real estate, before you buy anything. 

You mentioned in the other thread, you would like time off to spend with your fiancé .. Have you considered asking your present employer for a leave of absence (not paid time off, but still have a job when you return) and renting your home on a short term basis while you are out of the country? 
 

Thanks a lot 4 detailed suggestion. 

  Well the city i live in, houses are not that expensive,  the downpayment money sure can be used as money to support her and i considered that, but what it read is every 5 dollars count as 1 dollar in income so yes that will make some difference and may coverup my needs , actually it is not a bad idea. I should save some more money during this time and yea actually i am getting convinced now lol. I think i will be fine.thank you.

   I have stuff in home , i dont want to rent for short time. 

   I don't have anyone who would cosponsor.

 

So it is 5 dollar to 1 in assets right? 

 Also do i need to have income that meets criteria for all 3 previous tax years or only last?

 

Lastly, the house which is paid off, can i use that as asset for immigration purposes? 

 

Again it was a great advice,  even though i knew this rule but I am out of my mind bcoz of deniel

 

[cc13 25]

see part 7 of the form and instructions.
https://www.uscis.gov/i-864 yes you can declare assets and bank info.
#2 of part 7 asks current net value of real estate minus mortgage...  even not knowing the value of your present house im still leaning towards you are better off not in debt, with potentially 2 mortgages. 

obtaining new rental properties by getting yourself into further debt to show higher income wont fly. 

i'm still not exactly sure what you are trying to have answered or do. 

the tax  information can not be fabricated. you can't suddenly land yourself in freelance or investment income not previously evidenced anywhere without questions. it all goes back to your tax returns. 
I still question why you are so focused on this bit.

 

I do get it is easy to get wrapped up  in the process. but like I said, you may need to consult a CPA. 

[Abcd1234 102]

I now agree of not getting a new house with mortgage.

Also it seems like citizens need to show assets only 3x not 5x to cover up differences in income. So i think i am pretty fine.

  The reason i was worried was that i wont have cosponsor and i dont want my income to fall short when time comes.  

  Not landing in freelance, i earned that money and it is my paychecks that i was earning last few years