New York, NY · Member since 2018 · 86 posts · 29 votes
Hello All,
How would someone buy a 2nd rental property without saving for another down payment? There must be a faster way instead of saving about 20k in a year for another property?
How would someone buy a 2nd rental property without saving for another down payment? There must be a faster way instead of saving about 20k in a year for another property?
Do you already have a rental property? You could cash out refinance. You could ask people to invest with you like family or your friends.
How would someone buy a 2nd rental property without saving for another down payment? There must be a faster way instead of saving about 20k in a year for another property?
Do you already have a rental property? You could cash out refinance. You could ask people to invest with you like family or your friends.
How would someone buy a 2nd rental property without saving for another down payment? There must be a faster way instead of saving about 20k in a year for another property?
Do you already have a rental property? You could cash out refinance. You could ask people to invest with you like family or your friends.
Well im looking into my first rental property but just wondering if everything goes good with the 1st how will I get a second if it took me a long time to save for that down payment for the 1st property. Is there another way to raise money without family members or friends?
Real Estate Agent · Destin, FL · Member since 2019 · 116 posts · 111 votes
4y
If you do your first deal right you could cash out refi our possibly HELOC it to fund your next. It is all about good numbers on the first one to set you up for the remaining without having to dig in your own pockets.
Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
4y
There is- force equity through rehab and upgrades and buy in areas that are growing and reliably appreciating. If you need $20k and you buy a $100k property in a market that is appreciating at 20%, that house will multiply in to a bunch more houses all on its own.
Real Estate Broker · Columbus, OH · Member since 2021 · 203 posts · 247 votes
4y
You could try to find a seller finance but those are difficult to find or partner up with someone who is looking for an investment property who has capital.
If you do your first deal right you could cash out refi our possibly HELOC it to fund your next. It is all about good numbers on the first one to set you up for the remaining without having to dig in your own pockets.
Wouldn't cash out refi would make me pay a higher mortgage? that means I would have to raise rent to make some kind of profits.
There is- force equity through rehab and upgrades and buy in areas that are growing and reliably appreciating. If you need $20k and you buy a $100k property in a market that is appreciating at 20%, that house will multiply in to a bunch more houses all on its own.
I understand. But what if it doesn't appreciate it 20% then what would I do ?
You could try to find a seller finance but those are difficult to find or partner up with someone who is looking for an investment property who has capital.