New Investor of Duplexes

[Jeff Ferlo]

I am a brand new investor and trying to purchase two duplexes in my home town of Pittsburg, Kansas.  Currently, I owe $19,000 on my primary residence in Sandy, UT.  I want to purchase the duplexes outright by buying the duplexes with a new mortgage on my primary residence.  My new loan would be for $110,000 for the duplexes, $5,000 cash out and $19,000 for the old mortgage.  My new mortgage would cost about $816 a month with $600 for expenses.  Rent would be $2200 a month.  My wife is a little uncomfortable with us taking out a new mortgage on our primary residence since it is almost paid for.  I am looking for some advice about what I should do.  

[Zach Quick]

@Jeff Ferlo Welcome to the site. Have you got some boots on the ground in Pittsburg? I had 28 units here and sold them all off (still have 1) to focus on self-storage. I can connect you with some people if not.

Anyways, have you looked into establishing a HELOC? Also, why not get traditional mortgages on the investment properties if that is what would make your wife more comfortable?