coming up with a game plan

[Jim Murphy]

Hopefully I am on the right road , I have located an area that I will be investing in , I will be buying a property for cash and doing extensive rehab work to it. It is a two family . My plan is to go to a bank when I have a tenant and seek a 1st mortgage and then use that money to buy my second property and so on so forth , Is this a correct scenario or am I being too simplistic?

[Jon Klaus]

Historically, this has been a solid plan, but lending has been a moving target recently. You probably want to talk to your prospective lenders to see if you can do this in your area, with your target property, with your credit, assets, liabilities, and income.