Looking for advice on how to acquire the next SFH investment...
Looking for advice on how to acquire the next SFH investment...
My husband and I currently have a primary residence, one condo unit (currently being rented) and are in the process of closing on a REO SFH (which, based on the market trend, will rent quickly). We also have inherited oceanview/cliffside land with no liens. The land has sentimental value and we don't want to sell it. Also, it is not in an ideal rental location so building a rental unit is not a good investment. Aside from the land, the other properties were purchased with cash down and bank financing.
We are now planning how to acquire our next investment home. We don't have sufficient cash to make the next purchase quickly. My questions are:
1) Can we take a loan on the land and use the funds to down the next SFH (essentially obtaining two loans)?
2) Do land loans mirror mortgage loans (interest, payback period, etc)?
3) Is there another way we could finance another property without cash?
4) Or.....Should we wait until we can save enough cash to purchase our next investment home?