Acquiring more properties - bank info help
Hello,
I am seeking assistance in creating a business plan to acquire more investment properties.
First a little background info;
I purchased my first property ( a fourplex ) on 12/12/2014 using an FHA loan. The property is fully rented and cash flowing. The only debt I have is 18k in student loans and a mortgage of less than 189k ( the fourplex ). I am making 40k a year with my job and I have a credit score over 737. I purchased the fourplex on 12/12/14 and moved into it right away, I had to relocate 4 hrs away for a job just recently. I was wondering if anyone had information on obtaining a second FHA loan or what other options I have in obtaining additional investment properties. Does the debt to income really matter to banks? I currently have 10k in the bank and will plan on continually saving money for additional properties.
What strategy would you suggest for a new investor just getting started to obtain more properties without having too high debt to income ratio? Do you need two years of history showing cash flow before you can use the income from the property? If so, how does anyone acquire additional properties within the first two years, because this would substantially increase your debt to income ratio.
Thank you for your time