The banks would not do it because they said all of his income was derived for residential development.He could have paid cash for the office but like most wealthy people he knows the power of leverage.

Because of your leverage, appreciation is magnified.

Michael, Fred is correct, educate yourself fully until you feel comfortable taking action.

I want to get a part time job working in the real estate world, and continue my part time education.

I agree with David, I think Wamu is on shaky ground.It's really interesting watching the fractional reserve system try to de-leverage itself (if that's what you would call it)-Michael

My question is: What are my options for buying a second property after I have fully leveraged my primary residence?

Best of luck in your international adventures in real estate, it is sure to be educational and rewarding!

I would recommend putting contingencies in your purchase contract that protect you such as "subject to property be free of all liens/encumbrances/etc." meaning that clear title can be passed.Using a good house inspector will also help you avoid problems that you would otherwise not see when you go through the house yourself.Getting education and having a mentor will greatly reduce your risk as well since they will be able to let you know what mistakes they had made!

One way or another you've got to get 'educated'.Me, I buy boucoup books.

Be proud of yourself for staying on top of your credit, educating yourself about it and being responsible with your credit going forward.