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Updated over 5 years ago on . Most recent reply

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Andy Ramdeen
  • New York, NY
29
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Investing in properties and buying a home to live

Andy Ramdeen
  • New York, NY
Posted

Hi everyone , just wanted to get some feedback on this question .

Say if I take out 100k loan for a rental property out of state from NYC , and the rental properties pays the 100k monthly , and say a year later I want to buy a home with me and my wife , would the banks give us a hard time or a less amount because we took out the 100k loan first ? Keep in mind the 100k will be only in my name and not my wife . And I tell the bank that the rental properties is paying off the 100k loan

Please any help would be helpful .

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Bill B.#3 Syndications & Passive Real Estate Investing Contributor
  • Investor
  • Las Vegas, NV
9,591
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Bill B.#3 Syndications & Passive Real Estate Investing Contributor
  • Investor
  • Las Vegas, NV
Replied

@Andy Ramdeen

Buy the rental as your primary and live in it for a year and then turn it in to a rental and buy a new primary. This gives you a lower interest rate with less money down. 

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