Updated about 5 years ago on . Most recent reply
How can I use my property to finance a second property?
My wife and I purchased a single family home just 2 weeks ago. We bought our home for its value and received no equity. Also, we're in the military, so the VA Loan gave us 0% down. My question is, how can we utilize our current property to help finance a second property? We want to up the game and house hack a multi family property.
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@Brann Perz it does not sound like you are going to be able to use your current property to get financing for investment. If you qualify and can rent it out then you would be building your equity on that one.
There are two options which one has already been stated by paying down your loan etc.
The second is looking for another option for your property if there is one. Does it have multiple lots you could sub-divide? Can it be converted to a duplex? Is there anything quirky about zoning that would allow you to get a higher better use?
Your fairly limited but best of luck to you!