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Updated 12 months ago,
How to get funding for 2nd rental property
I bought my first rental property last May. Im renting it out through a management company, im not making money on it but it comes somewhat close to paying for itself. Ive made some extra payments on it and the original mortgage of 229k is down to 216. Long story short, I would like to buy another property to start building some equity. I am self-employed making good money, however, I have that mortgage, my own place which I rent, 2 cars under my name, and I financed furniture for the rental place and for my new apartment. I simply dont think I would qualify for another mortgage given my new debt to income ratio. What would a savvy investor do to get funding for a 2nd rental property? I would love suggestions on where to look.
thanks