Next Step Suggestions

[Andy McNeany]

50/50 partner and I bought our first rental property in February 2023, long term renter moved in mid March after minor rehab to get it ready.

We want to buy another property in the coming year but don’t want to come with as much out of pocket as we did for the first property. Both of us have stable W-2 jobs with the same company and are saving back up for another purchase, however, with both of us doing projects on our current home the savings are moving slowly.

I thought I would reach out to the BP community for any suggestions on lower down payment options. What am I missing or strategy I am overlooking?

House Hacking is not an option for me with my wife, 4 kids, and 2 dogs. My partner is single and currently house hacking his primary.

Have considered a hard money lender, and am going to meet with one soon in my area to discuss options with them.