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Updated about 3 years ago on . Most recent reply

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Bobby Kingsada
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How do I buy my second property?

Bobby Kingsada
Posted

There are plenty of resources out there to buy your first home, especially here on bigger pockets. Thanks to the amazing resources available here I was able to purchase my first home with confidence and clarity. Now I come to you all again looking for your educated and informed advice. 

I am currently in the market for my second home. At the time I was a first time home buyer and had many options available to me. Now that I am looking for a second home, requirements for conventional loans have become much more demanding. To obtain a loan I need 20% down because it is considered an "investment property". I am currently saving for 20% and have applied for a HELOC for the amount of 25k but in my market that won't get me to 20% anytime soon.

Is there other options I have to acquire a second property? 

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1,311
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Joshua Janus
  • Realtor
  • Cleveland, OH
1,493
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1,311
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Joshua Janus
  • Realtor
  • Cleveland, OH
Replied

1. seller financing. 

2. partnership

3. house hack again and refi out of your original property

These are a few options. 

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