Best way to finance and buy more property?

[Matthew Stone]

Hello,

My name is Matthew I’m a licensed electrician and aspiring real estate investor. I live in the north shore area of Massachusetts where I purchased a two family roughly a year ago. I chose to live in the property and rehab it. After hours of sweat equity I am ready to purchase a second property and start the process again. Any advice on the best way to finance a second property? Should I fund it myself , or refinance and use any equity from my current duplex ?

All advice welcome . Thank you .

[Mason Young]

Hi Matthew,

To piggy back of of what Charles said, refinancing is definitely an option if you have the equity. I would also encourage you to look at some hard money options, some of them may even be able to cross collateralize your property if you have enough equity to reduce your down payment. Traditional banks can be iffy about investment properties especially purchase, although that comes down to your personal relationship with your banker and your income. I have even seen banks give out some large lines of credit.