Should I try and buy my 2nd property? Am I ready?

1 Reply

So I've been living in my first house hack/duplex since January this year. My tenant is about to move out and I'm going to move into the her unit and rent the side I'm currently living in out...

There is another duplex that is up for sale right now that is literally 2 houses down.

I feel like it would be awesome to own since it's literally the 2nd house over mine. My only issue is that the current loan I have on my duplex is FHA where I MUST occupy the residence for a year. Actually, I also used a down payment assistance program that REQUIRES I live in it for 3 years...

So I thought about maybe looking for PRIVATE lenders to see if I can make it work assuming that everything else about the deal is right...

How should I go about finding and putting together a deal when money is privately lent??? Where do I start and what are some tips and things to look out for???

Orrr, is this a bad idea? Should I just chill out for the next 2 years and work with what I already have?

Would like to hear some of you guys' thoughts and ideas.

@Jonathan Perez , assuming the other property meets your criteria and the numbers work, I see no reason not to go for it.

I highly recommend finding private lenders by first letting everyone in your personal network know what you're doing. You may be surprised by who mentions something like... " let me know if you find a good property! I may be interested"

I also suggest becoming a part of your local REIA if you haven't already. This will be a great place to begin making contacts. Maybe this one is in your area? 

If you haven't already read through this blog post or this one, I highly recommend doing so.

Good luck!

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