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Updated over 3 years ago,

User Stats

4
Posts
2
Votes
Esteban Diaz
  • Investor
  • Salt Lake City, UT
2
Votes |
4
Posts

New to real estate investing

Esteban Diaz
  • Investor
  • Salt Lake City, UT
Posted

Purchased my first home 1.5yrs ago in Utah. It has acquired quite a bit of equity (approximately $140k) currently have it rented out to family and would like to take out a heloc on it to purchase another property but I’m unsure of how to do so since my current income and Debt to income ratio with this mortgage isn’t enough to support another mortgage according to lenders. How do I go about getting a second mortgage to purchase another property with this property under my name? Put it under an llc? Thanks in advance!

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