Fastest way to scale?

[Eli Kim]

I just bought my first property using a conventional loan. I wanted to know your guys opinions on the best and fastest way to scale. I am planning on getting a second property using another conventional loan and doing the BRRRR method. As of right now, I'm planning on using refinances to scale faster. Thoughts? Also I want to note I am specializing in section 8 so my properties are not that expensive.

[Randall Alan]

@Eli Kim

The easiest (least expensive) way to do what you want to do is to live in the just purchased property for 6 months (which usually checks the box of buying the property as an "owner occupied" property), and then 'decide' to move and buy another primary house for 3.5% down again and rent out the first property.  While you live in the 2nd property, you do your renovations and then you can 'decide again' to move and buy another primary residence.  Otherwise you will be looking at 20-25% down usually on a pure investment property (not owner occupied).  Double check the time frames with your lender, but I think 6 months is about all it takes.  Keep in mind that you will have to meet the requirements of the lender to keep doing this, which includes debt to income.  This can get tricky unless you have a good income stream.  The maximum debt payments compared to your income stream on a monthly basis is 36-50% depending on your situation.

See here for all the 'fun' details! :

https://selling-guide.fanniema...

All the best!

Randy