Advice on purchasing second property.

[Jaron Chaplin]

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?

[Samuel Eddinger]

Hey @Jaron Chaplin.  I recommend @Brandon Rush and @Joseph Salzillo.

Both are very experienced realtors who also invest in rental properties.

I'm sure any questions you have for investing in CT can be handled by either of them.

[Joseph Salzillo]

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.

[Theresa Harris]

Do you have room in your DTI ratio to buy another property and the down payment to do so?

[Chris Davidson]

@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.

[Kristen L Garner]

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.

[Bud Gaffney]

Do you have the $ for down payment? 

[Bud Gaffney]

Talk to a lender, and go for it!!!

[Vanessa Ivonne Hernandez]

Be ready to answer the following when you talk to a lender:

1. Will you be the only person on the loan?

2. What's causing the need or want for this transaction?

3. What's the most important part of the transaction (rate, monthly payment, closing costs)?

4. What's your desired price point? 

5. How much do you have budgeted for downpayment and closing costs?

6. Will this be your primary residence? Investment?

7. How much do you own in your 1st mortgage?

8. What type of loan are you interested in? Are there any overlays?

9. To the best of your knowledge, your current credit score?

10. Do you need to use equity from the 1st property to financed this deal?

Then when you're ready, prepare for a soft pull that will not hurt your credit score. Good luck!

[Brandon Rush]

Quote from @Samuel Eddinger:

Hey @Jaron Chaplin.  I recommend @Brandon Rush and @Joseph Salzillo.

Both are very experienced realtors who also invest in rental properties.

I'm sure any questions you have for investing in CT can be handled by either of them.

 Thank you Sam! 

[Anita Chu]

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.