All Forum Posts by: Mark Gingrass

I bought a single family house in Feb 2006 and want to buy a second home, possible a duplex.

My first house is completely rented out as of right now. I am making almost no income off of it, maybe $50/month profit but i'm sure I spend that throughout the year on my rental.

I want to know how hard it is to get a second loan for a duplex. I plan on living in the duplex and renting other half out. I can use a VA loan too if I need to because I did not use it on my first house.

What kind of things can I expect with financing this second house? Should I come up with more than 5%. Is there a way to get 0 down and still do this? Any ideas on how I can do this will be appreciated.

Thanks.

I'm new to these forums but so far enjoyed reading what everyone has posted here.

I am very new to real estate investing, I bought a house in Feb 06 and lived in it with roommates most of the year. I'm almost 25 yrs old. I have since moved out and live in OK City area now (bought house in South Dakota).

I'm wondering if I should file a schedule A or a schedule E. Considering I did not keep track of any rental activity in 2006, i was thinking of just going with the schedule A. I would like to get the most refund I can, but at the same time I want to look good to the lenders for my next purchase.

Thanks for any input. I'll be a regular here.