All Forum Posts by: Lawrence Briggs

Quote from @Lawrence Briggs:

I have officially CLOSED on my SECOND PROPERTY—a single family home, investment rental. This means that I now own two properties in Texas!

It only takes that one family member to start the generational wealth cycle; I am that person! Born and raised in New Orleans, by a single mother!

 Congratulations Lawrence! 

congratulations @Lawrence Briggs. It is amazing how you can become that 1 person to break the cycle. You keep at it!!

Quote from @Lawrence Briggs:

 That's the face of pure joy. Congratulations!

Way to go!!!

@Lawrence Briggs you can still do 10% down on a "second" home.  That's a home that you do occupy for "part" of the year.  "Part" is kept vague for a reason really.  There is no formal definition from Fannie/Freddie on what "part" means so as long as you occupy that home for part of the year.  The rub with second homes is that you cannot use that rental income to help you qualify.  An investment property minimum is 15% down...so not a large difference but now you get rental income to help you qualify.  Hope all of that makes sense.

 I'm in the navy so I thought managing the property would be out the question but I'm currently about to start managing it myself. The percentage that I put down was 10%.

My plan is to get a heloc and use it for the down payment on my second property. My question is whats the lowest down payment % possible for a vacation home/non-primary residence, using a conventional loan or non FHA loan. Iv heard its usually 20%. My other option would be to refinance to a conventional on my house now, and use an FHA on the 2nd property. I just don't really want to have to move all my stuff.

,Thanks!!!!

Congratulations Lawrence!!  

Congrats

Keep it going strong

Congrats! That's awesome, now its time for property #3