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Updated about 11 years ago,

Account Closed
  • Chicago, IL
0
Votes |
26
Posts

Help with financing scenarios for buying first 2 properties

Account Closed
  • Chicago, IL
Posted

My husband and I are considering purchasing a duplex in the $100k-$130k range for OO in the next few months. We would then like to purchase another MFH (ideally 4 unit) within a year of our duplex purchase, and I anticipate that purchase being closer $300k (though hopefully less).

We have $30k available for down payment and closing costs, because we were initially planning to put 10% down on a SFH in the $250k range. What would you suggest for lending scenarios to purchase the two homes? Currently we have about $120k in W2 income to report, though at second purchase we'll likely be down to $65k.

My initial thought was to get a 15 yr mortgage with 20% down for the duplex, but then was left scratching my head about coming up with money to put down for the second purchase. Perhaps we shouldn't tie up as much money in the first purchase?

Many thanks for any advice or ideas.

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