New Investor in Aurora, IL

[Miguel Castillo]

Hello everyone, I am relatively new to this.  I purchased a 2 flat in Aurora, Illinois about 10 months ago and now have have both units rented.  I want to get a second property and would love know of any tips on how to acquire a second property,  there are some deals I see online that I just want to jump at but I know it would be difficult for me to finance the project since I have a new mortgage. 

[Nick Denning]

@Miguel Castillo The key to accessing long term financing determining what you want to accomplish FIRST before you go shopping.   Not every loan is the same.  How long will you hold the property? Will rents cover the financing costs, vacancies and expenses to allow for positive cash flow?  Will you hold it in your personal name or a legal entity? 

Another key point is to have your finances in order and up to date prior to seeking financing.  Piece-mealing your docs together causes everyone more strife than necessary....organization is Key in this business!