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Updated over 11 years ago,
Financing reality
All,
I am posting this in order to see how realistic I should be about my investing goals.
I currently have 2 SFR's, one through an FHA loan and one acquired with cash earlier this year. Both will be rented by next month and I will be taking in a good cash flow from them.
My plan is to put a mortgage on the home I bought with cash, I should be able to take out around $50k and I will use this as a down payment on another larger multi-family or buy another SFR that can cash flow just as well as the other two.
I do not have the best credit but have not had any negatives since around 2007 when I hit a bad spot. My score is around 630-650 with the 3 agencies.
How realistic am I being that I would be able to take out 2 mortgages in the next 6 months or so as an investor? I am on a bit of a time crunch as I believe that the job I work at may not be around in the next year, and plan on using my investments to help replace my income.
Thank you in advance