How soon can I buy my 2nd property?

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How soon can I buy my 2nd property?

Credell Reynolds
Investor · Chicago, IL · Member since 2017 · 5 posts · 0 votes
I'll soon be closing on my 1st property and I want to know how soon can I purchase my 2nd using a mortgage?
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Jeremy TaggartBusiness Member
Real Estate Agent · Pittsburgh, PA · Member since 2014 · 850 posts · 646 votes
8y

@Credell Reynolds as soon as you want assuming you are buying it as an investment property

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  • Jeremy TaggartBusiness Member
    Real Estate Agent · Pittsburgh, PA · Member since 2014 · 850 posts · 646 votes
    8y

    @Credell Reynolds as soon as you want assuming you are buying it as an investment property

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  • Jon Holdman
    Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
    8y

    You could buy two at the same time as long as you qualify for the loans.

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  • Credell Reynolds
    OP
    Investor · Chicago, IL · Member since 2017 · 5 posts · 0 votes
    8y
    I want to purchase 2 a year for the next 5 years. I was told that i have to wait a year to purchase my next one.
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  • Matt K.
    Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
    8y

    you have to wait a year to refi above purchase price IF you took a loan on it.

    1Reply
  • Aaron K.
    Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
    8y

    You do not have to wait as long as you are using conventional financing and qualify for the loan.  If you are being told you have to wait by the lender then find a new lender.

    1Reply
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    8y
    Another possibility is that which arises if you took out an owner occupied variety of loan, and want to move into another OO property. You would have signed in your paperwork that you intended to stay at this residence for 12 months. You can do another OO after 12 months and move forward into another and another, every 12 months. Or you can buy NOO with investor mortgages as soon as you qualify again. And keep going until 10 conventional loans. And then keep going with portfolio or commercial loans. The world is your oyster.
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  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    8y
    I closed on my first property in August of 2017. Not joking, as soon as the mobile notary left, I got a call from an agent I’d been working with. He said he found something that fit what I was looking for. I got it under contract two days later. Closed on September. Buy your second as slow or as fast as you want Is my point
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