How to finance my expensive 2nd property

How to finance my expensive 2nd property

New to Real Estate · Bronx NY · Member since 2019 · 14 posts · 4 votes

Hi! I am a newbie ready to invest in my first multi family in Bronx, NY. There’s a question I have in my mind that I would like to ask the experts. So here’s the scenario. 

I am planning to buy a 3 family. The properties I have been looking at are ranging from 700k to 750k( I know. It's pretty expensive in Bronx). I and my spouse are planning to use the FHA loan. And we figured out we will be qualifying for around 750k or little more based on our income.

So   the question is if I use all this money for my first property, how would I and my spouse will qualify for traditional loans on our 2nd property or 3rd or so on based on our income? How does this normally work? 
What is the solution? How does this process really works with bank? Thank you in advance. 

1Reply
16 views

2 Replies

Jump to latestLatest
  • New Rochelle, NY · Member since 2018 · 235 posts · 151 votes
    6y

    The rent from the 2 units in the first 3 family would count towards your total income. Also certain lenders can use income from the next investment property you buy to qualify you for the mortgage. 

  • New to Real Estate · Bronx NY · Member since 2019 · 14 posts · 4 votes
    6y

    Thank you for the information. @Joseph A.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.