Road to Second Property

[Samuel Cardenas]

Good afternoon,

My name is Samuel Cardenas and I purchased my first piece of real estate property (duplex) August of last year (2018) via FHA. I am currently house hacking ( renting a unit, living in the other). Now, I am currently stuck on ways to purchase my next property financially, therefore I am reaching out to my bigger pockets family to help assist of ways I can tackle this. Thank you guys so much in advance! (:

[Joe Sadusky]

@Samuel Cardenas congratulations on securing your first real estate investment!

Do you have equity in the property? 

I suggest looking into the possibility of doing a cash out refinance to pull some money out to use towards another investment. You will want to make sure that you will still cash flow nicely once the refi is complete. 

I am also able to use 75% of my collected rental incomes to count towards my income with my DTI ratios.

Get with a knowledgeable lender in your area and run these scenarios by them. 

I personally think it would be most advantageous for you to do a refi, rent out both units in your current duplex and do a lower owner occupant down payment on another property.

Best of luck! 

[Samuel Cardenas]

Thanks for your time Joe, will be looking into it! @Joe Sadusky