Financing my 2nd Deal

[Cassidy Burns]

Hey Guys,

So I am closing on my first rental property this Wednesday. I used FHA (3.5%) down and will be cash flowing around $550/month. Very happy with my first purchase. So my question is, I have found another rental I want to purchase as soon as I close on this current deal, it's a Duplex, but how do I get the financing for it? I spoke to my lender that helped me with my first purchase and he said "With the way lending works I probably won't be able to purchase my next place for another 4-6 months." I know there has to be a way around this. I have enough cash to purchase this next property even with (10-20% down). What are my next options? Use a different lender?

Thanks BP.

[Jahnae Allen]

If you want to obtain another traditional loan, you'll have to wait a while before you can get that 2nd property. If you're ready to move quicker than that and have the money down, I'd recommend getting a hard money loan.