I'd research creative purchase methods. Seller financing, sub2, master lease optioms. Lots of good info out there!

Hi @Kay Rock, I agree with Steve. I would not recommend applying for another loan through that bank or another. It could totally mess up your current deal. If they start rerunning numbers all of a sudden your debt to income doesn't look the way you want and you end up losing them both. Try something creative like an owner financing or a letter of intent for a specific date (after you other one closes) to buy some time. Good Luck!

@Kay Rock Would you be able to put the 2nd property under contract and wholesale the contract to purchase the house?

Hey @Kay Rock apply at another bank. if you are talking about equity sounds like you are looking to buy, fix and sell. in that case you need to also consider local hard money guys. they move a lot quicker and their lending requirements are a lot easier to work with. Beside all this, it sounds like you are pretty new to the business. above everything make sure you are correct on all these deals you are looking at. make sure you are getting your equity numbers from the right sources.

Thank you @Steve Vaughan @Mike Cumbie @Matt Geerts for youre advice.

I see the point about rocking the boat. Basically anything that gets control of the building without risking the duplex financing is good. However, are you looking at 30k equity in yhe duplex? You could just cut it loose and take down the equity deal.

Here is my blog on BP I focus on Sub2, wraps, options, leases, lease purchase, partnering, private lending, and more.

Apply anyway? Apply at another bank or mortgage broker? Other than that, follow @Steve Vaughan 's advice.

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Updated almost 9 years ago on 07/05/2016. Most recent reply

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Kay RockPoster

Hollywood, FL

Buying & Selling Real Estate

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Kay RockPoster

Hollywood, FL

Posted June 29, 2016 06:21

I have a duplex under contract, however, I found another deal, that have approximately 30g in equity in it and I would like to buy it. But the bank that I'm going through for the duplex told me not to apply for another loan. What would be my best approach?

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