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Updated about 4 years ago,
Mortgage question on owning multiple rentals then buy new home
Hello, i own two rental properties. One property I will have the renovation done this week and I have lots of equity in it. My second property is a 2-family and I live on the premises. The property needs about $60k for full renovation. My credit score is in the low 660's. I do not want to sell either property. How do I get the necessary funds to complete the 2nd property repair and upgrade work? My goal is to have both rental properties rented and then I buy myself a house. What would be your advice in this scenario. BTW the loan that I have on the 2nd property is a VA Loan, primary residence. I want to be able to use my VA Loan again in order to buy a house. My main concern is if I try to borrow funds and refinance out of my VA Loan then adding the $60k to my new mortgage may not net me enough income to want to keep the property as a rental. Any assistance with this scenario would be great. I really need to get the repairs done and buy a house. A mortgage person told me that I may run into issues in buying a house if I have multiple rentals. He is telling me to sell my condo and use the money to renovate my 2-family and then he will refinance me out of the VA Loan. I want to keep both properties. Other than me doing the work and saving money is there any other solution to this issue.