Hi all,
Sorry for bringing that up again. I know this has been asked multiple times on the forum before, and I've read thru most of these posts already.
So I'm currently living in North DFW and have been eyeing the local market for quite a while now. Currently renting an apartment with a lease ending in Nov. of this year. I was pretty set on buying my first investment property within the next couple of months, rent it out, establish cash flow, and then think about buying a home for my family afterwards.
(I'm pretty confident in being able to afford both downpayments within a rather short time span).
After talking to a lender today, he was actually pretty helpful and told me that it might be better to look into the primary residence first, and then go into the investment property. The reasoning was that a lender would look at a primary residence acquisition with a better eye in my situation, rather than me renting an apartment, having never owned, and jumping into a real estate investment right away. Plus obviously, the primary residence would allow me to put a lower downpayment with better rates, maybe live in it for a year, and then move out, rent the first property, and then buy and move into another SFH at that point, benefiting from a primary residence mortgage on both houses.
Whereas my thinking was that the established cashflow from the first rental property could be leveraged into the second mortgage for the primary residence (though I like the idea of having lower downpayments on both homes if able).
Any inputs or suggestions is greatly appreciated.
At the end of the day, the end goal is to buy 2 properties in the $250k range that could both cashflow rather quickly, rent one out while living in the other one, ideally all of that within 6 months to a year. (for the primary residence, we're wanting a standalone home, so duplex/triplex while living in one of the unit isn't an option unfortunately).
Thanks everyone
