How soon can I buy my 2nd property?

7 Replies

I'll soon be closing on my 1st property and I want to know how soon can I purchase my 2nd using a mortgage?

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

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.

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

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.

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.

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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