Hi All,
I currently have a Duplex (owner occupied) in the Fort Lauderdale area. I've had it for almost 2 years now. I would like to buy a second investment property this year but I'm paying down credit cards to raise my Credit Score to qualify for good rate. This shouldn't take long because my credit is not that bad and have low cost of living.
My issues are:
1. I won't have alot of money to pay down on the property because I used it to pay down credit cards.
2. Investment properties in this area are profitable but pricey. All over $200,000, which means 20% down is alot of money.
3. Already on FHA and my husband doesn't want to move into another ( I may convince him if it's significantly bigger or nicer). For this reason, it would be considered totally investment by financing standards and that's more down payment required.
4. Thought about Home Equity Line of Credit but not sure if it will be enough for down payment.
5. Should I have home appraised to learn how much equity is in property? Should bank appraise or should I pay for appraisal?
What should be my next move? Any advice. When giving advice, please keep in mind that I am a small timer with limited resources and not as much knowledge. I know a lot of you are well-seasoned investors.
BiggerPocket friends, thanks in advance.