Oak Bluffs, MA · Member since 2019 · 3 posts · 0 votes
Advice! I have a primary residence, which is a duplex, and was purchased 14 months ago. I would like to purchase another property, how would yo recommend to do it?
Real Estate Broker · CT · Member since 2019 · 59 posts · 53 votes
3y
Thanks as always, Sam! If you are looking in CT at all, both Brandon Rush and I invest / help investors with their next move. Feel free to message me to see if I can be a fit for what you need.
Real Estate Agent · Boise, ID · Member since 2016 · 1k+ posts · 888 votes
3y
@Jaron Chaplin determine where you are going to buy, and start lining up the pieces, get an agent, lender, and off to the races the rest will fall in as needed.
Make sure you can qualify for another property and once you get the green light go for it. If someone tells you no ask till you get a yes. There is a way.
Lender · Phoenix, AZ · Member since 2021 · 451 posts · 287 votes
3y
Hi Jaron, I'd recommend reviewing your finances with a lender to determine which path forward makes the most sense for your scenario. If you have enough cash on hand and DTI wiggle room, a conforming loan will give you the best rates. If your DTI is at its limit but you have cash on hand, you could use a nonQM product like DSCR that qualifies you based on the asset. If you don't have cash available to deploy for the downpayment and closing costs you could consider a cash out refi (you are good to go with the seasoning period) or a HELOC on your primary.
sounds like you need to talk to a good lender first to see what your DTI is and go from there. there are tons of programs to finance a property, and a good lender will guide you based on your financial situation and goal. you or any realtor should know what budget you're working with prior to starting your property search.