Opinion: Double Closing & More Money Down Re Future Debt:Income

[Riley C.]

Hi BP,

I'm at a point in my career where I'm about ready to reset and make a hard switch. Right now, I am in a very favorable position as far as income is concerned with virtually zero debt. I've been placing down offers for properties and I've been highly considering orchestrating a double-close for my first (two) properties given that I may very likely end up in a career position with less income and completely separate from the one I'm in now.

That being said, I fortunately have the means to close on two properties and I'm wondering whether it makes more sense to maximize my income and real estate purchasing qualifications (e.g. consistent employment, income, etc.) now versus trying to acquire my second property whilst in a new career with less income. Most lenders require at least 2 years of W2 income and want to see consistency as far as type of work. Should I maximize my purchasing power and orchestrate a double close?

Second - I understand cash is king and people like to acquire properties with the least means possible but do any of you have opinions on expending a higher down payment (if the means are readily available) as to reduce PITI payments (especially with reference to career points above) and achieve a more favorable debt:income ratio for future qualifications to acquire additional properties?