Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 8 years ago,
How to Get Loans For 2nd Investment Property????
If someone has good credit (over 780) and good income and be able to buy a home. For this first house, he put down 20%. A year after that, he is able to buy another home based on his income and credit, and this time, he only put down 5%. And he leases out his first home while moving into his new home. Now, he has one investment property and one home. But, at this point, he has stretched his savings and debt limit by acquiring these two houses within two years.
I guess he can repeat this process again and again, but, let's assume he wants to buy a third house 45 minutes away in another town where the return on investment is better. Naturally, he doesn't want to move there due to the long distance to work. How can someone like that be able to obtain a loan with low down payment for this third property in anther town?