All Forum Posts by: Evan Ward

I recently inquired about buying a 2nd property to relocate to. I purchased a townhome 2.5 yrs ago and would like to now buy a single family (eventually multiple properties). The Broker informed me I'd have to show records of renting out my current place for ATLEAST 12 MONTHS on a schedule E before I could purchase another or I'd have to account for 2 home mortgage payments in my monthly income. Is there another way?? or should I try another Broker? It seems odd that I'd have to move out of my own home, get an apartment and rent my house for a year just to buy another?!?!

FYI- I live in los angeles, CA if that makes any difference.

Hmmmm, my first was when I was 25 and in Los Angeles. Even with 3.5% down, It was close to $20k. After it was all said and done, I had roughly $600 left to my name,lol. I'll never do that again. Between recouping my $ and paying the bills/mortgage it took me a year to get all my furniture.

Hello All....another newbie here.