Updated about 11 years ago on . Most recent reply
Second Investment Property Advice - financial options
I am looking into purchasing a second investment property within the next month and am interested in some advice on the method of finance. The first property was paid for with cash (close in Aug) and have since transferred it to my LLC. My credit is great and mortgage approval should not be an issue (currently have one mortgage on my personal residence). I was hoping to place down as small amount of cash as possible on the loan. Also, would likely add $5-10k in renovations into the house before renting and was unsure if options were available to add this amount to the mortgage total. Purchase price in low $40k, appraisal $60s, monthly rent $850.
Any thoughts/comments on the best approach for #2 is GREATLY appreciated.
Best,
Brandon