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Updated almost 3 years ago on . Most recent reply
Investing While House Hunting?
Hello Everyone! Real estate newbie investor reporting in. I have been doing a ton of research on real estate investing outside of this website (books and podcasts mainly) and I'm ready to start to hit the ground running into finding my first property.
My question to all of you is in relation to financing. Right now, both me and my wife are house hunting for our next primary residence (as we are starting to grow out of our current starter home) but I also want to start getting into investing into real estate and purchase my first property. Is this doable? Will our options in terms of what we qualify for in terms of a mortgage for our primary residence be hindered by me trying to purchase my first property or (more importantly) owning an investment property? Is it better to wait until we close on our new primary residence before I go and search for my first investment property? I hope this question makes sense. Any and all advice you can pass along would be great. Just want to get started ASAP and I don't want to wait.
Most Popular Reply
Quote from @Jeremy Browe:
Hello Everyone! Real estate newbie investor reporting in. I have been doing a ton of research on real estate investing outside of this website (books and podcasts mainly) and I'm ready to start to hit the ground running into finding my first property.
My question to all of you is in relation to financing. Right now, both me and my wife are house hunting for our next primary residence (as we are starting to grow out of our current starter home) but I also want to start getting into investing into real estate and purchase my first property. Is this doable? Will our options in terms of what we qualify for in terms of a mortgage for our primary residence be hindered by me trying to purchase my first property or (more importantly) owning an investment property? Is it better to wait until we close on our new primary residence before I go and search for my first investment property? I hope this question makes sense. Any and all advice you can pass along would be great. Just want to get started ASAP and I don't want to wait.
The best way to knock both out in one transaction would be to househack. I am not sure if this is something you guys have talked about but that would be my first recommendation as you get both your primary residence and investment property in one transaction.
Outside of that, I would make sure to check with your lender on your current DTI situation and whether you have room within that to take on two new mortgages. They will better be able to help with the numbers and tell you whether or not you are able to do both and what the steps are that you need to take