My goal is to buy another investment property within the next 6-9 months but am having trouble figuring out what the best plan is for me due to not being able to get approved without 2 years of stable income.

I am in process of buying my second home which I plan to move into.We first bought our first house in 2012 for low 200's in suburbs of Nashville TN.Now the house is worth 440k.Balance on mortgage is 162k.The second home will be a new build in 500k range.My husband makes about 85k per yr.I want to start off investing in reral estate to have a cushion for kids education and retirement.At this point,our lender mentioned that hubby will be approved for 500k mortgage at 3.125% with 10% down.Provided the present home also rents out and we have a lease of 1 yr signed.We have all this set up.He also mentioned we can look into heloc.How do we do that.I have no idea about it and dont want to do it ignorance.I also plan to buy another home for investment asap after we move into second home.I am a SAHM and will be for quite some time.Any advice?

To clarify, if I have two or more lenders who have given me pre-approval and a LOI on terms, are there any drawbacks to giving them both the greenlight to move forward to underwriting at the same time? 

To clarify, if I have two or more lenders who have given me pre-approval and a LOI on terms, are there any drawbacks to giving them both the greenlight to move forward to underwriting at the same time?

Get fully pre-approved with a local lender that you or your agent knows is GOOD. 

You would have to go through the refining process….but reality is it would likely never be approved unless there duplexes next door already.

I just approved for a HELOC with 100k.

Is verbal approval of being unsupervised enough?

You will have to get an approved permit for that and will likely require a zoning change since it’s going from commercial to residential.

hi everyone, been lurking here for awhile and decided to do my first real estate deal! i have the benefit of the VA loan and my friend that is on pretty much the same pay was given up to 350K loan with the VA loan, so...