Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 4 years ago,

User Stats

21
Posts
0
Votes
Steven Haskins
  • Real Estate Investor
  • Saint Louis, MO
0
Votes |
21
Posts

Mortgage question on owning multiple rentals then buy new home

Steven Haskins
  • Real Estate Investor
  • Saint Louis, MO
Posted

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.

Loading replies...