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Updated about 8 years ago,
Need some tips for my specific situation (Beginner)
Hi all, I really need some expert advice here because I personally don't have many people to ask. I've been studying RE investing and following bigger pockets for quite some time now. I have my mind completely set on buying Duplexs/Triplexs or SFH in my area and renting them out and managing them myself. I'm 23 years old with a Full time job with pretty decent income over 50k.
I just have enough saved to afford a down payment on a decent duplex/triplex, but I am looking to currently take a mortgage out for the small cheap house I have been paying rent for through college. I am afraid to take this mortgage out, will I then not be approved for a second mortgage if this initial house im living in is valued at 60,000 and I use a mortgage for myself?
School debt is all paid off and my only payments would go towards my car and this small house and I could afford monthly payments on a initial investment property mortgage but will banks not accept me because I will have my own mortgage out soon? Any advice?