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Updated about 1 year ago,
What's my next move?
I currently own 2 properties:
1. Single family 3br 2b, no mortgage, $400k equity, generates $2,000 income monthly (long term tenants)
2. Duplex 2br 1b (each unit), $270k mortgage, $15k equity, generates $1,800 income monthly (long term tenants)
I also have unearned income of around $24,000, no W2 income, and about $20k cash for a down payment + closing costs. My credit is excellent, no debt besides the mortgage. However, I know I'm not going to be approved for another mortgage by traditional lenders because I've only been a landlord less than a year so I don't think they'll count the rental income towards my DTI. Nevertheless, I want to leverage the equity of my SF property. What's my next move? As it stands my plan is to hold until rates come down and I've established myself to lenders, but that's years away at the soonest, and I want to be proactive.