Updated over 6 years ago on .
Looking for Financing Advice
Hi All,
I am looking at purchasing my 2nd duplex and am looking for some financing advise. My current mortgage (househacking a duplex) requires me to live in the unit. I was planning to refinance into another conventional mortgage from my current duplex to lock into the low rates, and also pull cash out to pay off the rehab that I did in the duplex.
However, another duplex came available in an ideal area (best school district, 1 acre lot, all new construction duplexes and houses around it). The are asking 155k for the duplex. The newer duplexes and houses range form 240-350k in the area.
I would really like to BRRR the new unit. But want to know how best to go about doing so. Should I 1) Move out of my current duplex getting a non-owner occupied investment grade mortgage on it and get a conventional mortgage on the new one(requiring a lower down payment)? or 2) Stay in the current unit(BRRR it), get a investment grade mortgage on the new one.
Any other thoughts would be greatly appreciated.
Thanks all!