Buying two properties at the same time/back to back perhaps?

[Roberto Joya]

Hello BP community!

I am excited to share that we are currently in escrow for our first property and in hold for the second one but, due to my low income seems challenging to qualify for it. The 1st property is as residential, 20% down, second as an investment property but I can’t qualify by myself due to my low income, I have enough for the second property down payment. Can I bring in a partner for the second one and how the lay out should be? I have a few relatives that are willing to partnership but, I don’t they have any way to show reserves/money for down payment.

Any advised would be greatly appreciate it and, by the way I open for partnerships :)

[Ryan Husser]

Hi Roberto, 

Congrats on buying your first property! That is a huge deal. As for the second, a partner would likely be the route to go. For this you will need to carefully vet who your partner is. Banks will combine the debt-to-income ratio for both borrowers and choose the lower of the two credit scores. So make sure the partner you choose has a great debt-to-income to help overcome your lower income and a credit score of at least 620 so you guys can qualify. 

As for the downpayment and reserves that can also combine both assets too if you don't have enough on your own. Hopefully this helps!