Tips for buying my 2nd investment property

Member since 2021 · 2 posts · 2 votes

I am new to the community. I just starting binging all the podcast episodes last week. My wife and I purchased our first home 5 years ago in Orem Utah, a duplex. We moved out of the duplex about 7 months ago, into a home in Spanish Fork Utah that we plan on living in for a long time. The duplex is completely rented out and is a great property. It is currently cash flowing about $1000/month.

I want to buy another property, but I'm not sure where to proceed.

Any tips?

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Damaso Bautista
Rental Property Investor · Hawthorne, CA · Member since 2018 · 655 posts · 900 votes
5y
@Todd Llewellyn
Unless you are maxed out on DTI or will not qualify for another mortgage. It is pretty straight forward.
Get a cash out refi on your rental or primary for the down payment and closing costs for a new property.
Get pre-approved for a mortgage to know how much you can afford.
Go shopping and buy another rental property.
It is as easy as that.
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Jarom Rush
Rental Property Investor · Orem, UT · Member since 2019 · 4 posts · 0 votes
5y
I'm an investor living in Orem and my first flip was in Spanish Fork. I could introduce you to some other local investors as well as the REIA.
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