Updated almost 2 years ago on . Most recent reply
Investment Property Baltimore
Hey Community,
I bought a house as a First time home buyer, but I feel like I'm stuck with one property because of capital. I would like to know how I can buy an investment in Baltimore, MD. I was pre qualified for a DSCR Loan shortly after buying my first house but due to financial constraints to come up with 20-25% of the down payment I feel like I'm stuck. I just started a new job and therefore I would like to buy an investment property but I don't know how to come up with the down payment.
Any advice or suggestions will be greatly appreciated.
Thank you.
Most Popular Reply
This goes against the general concensus, but I'm not a big fan of borrowing money to borrow money. My advice is to buckle down and save enough for down payment, closing costs, and emergency/rehab fund before you make another investment. It sucks to go slower than you want to, but in the long run I think you'll sleep much better at night. In addition to adjusting your personal budget to save more, a side hustle can be a great way to quickly pad the bank account. Good luck!