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Updated over 5 years ago on . Most recent reply

User Stats

14
Posts
4
Votes
Musammath Khan
  • New to Real Estate
  • Bronx NY
4
Votes |
14
Posts

How to finance my expensive 2nd property

Musammath Khan
  • New to Real Estate
  • Bronx NY
Posted

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. 

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