Updated about 6 years ago on . Most recent reply
Advice Needed on How to Obtain 2nd Property!
Hello!
Currently have 1 buy and hold duplex that is cash flowing somewhat nicely in Tampa, FL. Have had it since Feb 2018 and sunk about $20K in repairs/upgrades into it. I'm having trouble getting to my 2nd investment. I talked to a lender who said my DTI is a bit too high but should be good once February 2020 rolls around and they can add that income in.
I'm looking for advice on what you would do if you were in my shoes. I don't seem to have enough money to buy local investment +rehab at 20/25% down unless maybe I look OOS. I have considered HELOC and cash out REFI to pull my money out but 1 half of duplex is still occupied by inherited tenant that pays on time but is pretty dirty and I haven't been able to renovate his side yet so uneasy with how appraiser would see that. I don't like the idea of HELOC if I'm not able to buy the property outright.
Please feel free to tell me if any of my thoughts are not accurate. I'd like to buy local C/B- properties(either small MF or single family and rent out room) but I can no longer house hack as future wife isn't a fan. Just seems with higher DP, I'm forced to either wait and save, partner with someone who has more cash, or look OOS.
Any advice would be appreciated!