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1:46
Calculating rental property income can be a gray area, but understanding the right approach is key! 💼💰 In today’s discussion, we’ll explore the number one mistake people make in this process and shed light on important factors to consider. From deposits to mortgages, let’s break it down step by step. 🏠💸 Remember, net income is what truly matters when evaluating profitability. Don’t be fooled by gross numbers! 📊💡 When collecting the first month’s rent and deposit, consider the non-refundabl
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Calculating your debt-to-income ratio is an important step when applying for a mortgage. Here's a step-by-step guide on how to calculate it: Step 1: Gather your financial information Collect all the necessary financial information, including your monthly income and your monthly debt payments. Make sure to include all sources of income and all types of debts. Step 2: Calculate your monthly income Add up all your sources of monthly income. Include your salary, wages, bonuses, commissions, rental i
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