Financing Second, Third Deals
Hey crowd,
I am a young investor and I just liquidated my first deal. It was financed through FHA, and I profited six figures. I feel good about it, but now I’m trying to figure out the smartest and safest way to keep and grow this profit.
I have a salary position and plan to apply for a second FHA for a new property. Even if I put down 10% down on this next property, my second deal, I will still have money left over and would love t get into the next and third property as soon as possible.
The problem I am foreseeing here is that even though I will have some funds in the bank, lenders are going to look at my income and tell me that I don’t have the monthly cash flow for two concurrent mortgages.
Can you all share some creative ways to finance concurrent properties? I have done a little reading about hard money but the high interest rates would only make sense for a flip. If I’m going for two buy and holds (one of which will be my primary residence) the hard money doesn’t seem to make sense.