Updated about 7 years ago on . Most recent reply
Qualifying for 2nd property - Denver
I'm 25, just purchased a condo in Denver, 2 bd 2 ba. I am currently house hacking it, and renting out the 2nd bedroom.
I was not planning on starting out in real estate, however after renting out the room for quite a bit, i am now intrigued as to how I can invest in another property. My main issue: How did you get the financing for your next property? Did you just save up another down payment, and get a bigger income until you qualified? I don't see a way I would qualify for another loan at this point, unless I rented out the whole thing, and moved home.
I keep seeing podcasts/videos about scaling quickly, buying 5 units in one year, but don't see what the path to that is, or how they got the loans. Appreciate any advice!
Regards,
KM
Most Popular Reply
My lender has always used the potential income of the investment property as part of my income. If you have no cash for a down payment that's a different story. Which are you short on?