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Updated almost 5 years ago on . Most recent reply

User Stats

25
Posts
11
Votes
Damon K Verellen
  • Inspector
  • Braxton County, WV
11
Votes |
25
Posts

Advice on future financing/credit

Damon K Verellen
  • Inspector
  • Braxton County, WV
Posted

First post for me on BP!

I'm brand new to real estate investing and am working on putting a plan together to get started. I own my current home (paid cash for the land and built myself), however, it's not 100% finished from a bank/insurance company's point of view. I'm back to working a full time job since the year long break I took while building. I want to get my home completed, but I would also like to start down the path of more financial freedom.

So my question is: Would it look better to a bank to not have a current mortgage on my credit or should I look into a loan to have contractors complete my home and then pull equity from my home to put down on an investment property?

I haven't inquired at any banks as to the possibility of a loan against an unfinished home, but since I own it, I figured there must be something available. I just didn't want to go down that path if it would hinder the possibility of a loan on an investment property in the future. 

Thanks in advance!

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