Contemplating 2nd Investment property in less than 2months

[Ian Harris]

Purchased 1st investment property last month for $89K, appraised for $119K. Should have it rented for $850 by the 1st of Jan and the mortgage is only $564 ($286 passive income/month). Just came across another property 4bdrm and 2th....1700+sq ft being sold for $45K, checked it out and pending inspector not finding any structural damages should only be $10-15K in repairs to have it rent ready/ready for sale and appraised for $130K+. Checked out the rental market and should be able to get it rented for $1300 a month and hope to get a mortgage that's no more than $300 a month. Our Debt to income ratio is high at the moment but ok with that because we have money in the bank to cover bills for 3yrs. We don't want to buy the new prospect house cash out right out of our own funds but I don't want to let this deal pass us by. Any suggestions on getting funding and/or am I moving too fast seeing that I just recently purchased my first investment property?

[Joe Delia]

Say what you want, lending at 3-5% with that risk, you're an idiot. Or if jake wants to frame it as naive, thats fine too.

Either way, you don't know what you're doing or understand the risk you're taking on.

No one "Doesn't believe it's possible", it's only that we don't focus on trying to find people who are clueless about the risk they're taking on. My business relationships focus around creating win/wins for people, giving them 3-5% on flips is not a win/win in my eyes. Run your business however you want and save the preaching for somewhere else.