Good Afternoon,
I've been browsing BP for a bit now and also listening to the podcasts. Wasn't intending to get into real estate but have sort of fallen into it by accident. Another opportunity to purchase has fallen into my lap. This is where I'm looking for some actionable advice, if possible.
My wife and I bought a 2-family home as an owner occupied multi-family. We were renting, the option to buy came up and we took it because we believed it to be a good deal for our location and also because we are both within a 5-minute commute of our jobs and didn't want to move again. Another opportunity to purchase a second 2-family home has come to our attention. I'm not sure if it will be a good deal or if the numbers would work but we are familiar with the house, the owner and feel like one of the units in this house could be our "forever" home that we could grow into for years to come. The issue is that the seller may be looking for move on this soon.
The idea would be to rent out the 2nd unit in the new home while occupying the other unit and then rent out both units in the old home. I contacted a local bank that I've worked with in the past to get their thoughts and we aren't at their desired LTV ratio to get a 2nd loan so our discussion ended. I'm not even sure at this point if that is the most efficient route which why I'm here looking for some insight.
I'm curious to see if any one has any advice, recommendations, or referrals to resources that may be able to help.
Thanks in advance and sorry for busting in immediately looking for help!
Thank you,
Owen
