How to Buy My Second Property
Hey All,
So I am 23 I purchased my first duplex last year. The mortgage/taxes/insurance is $1655 and i rent one unit for $1600 and live in the other. I make around 44K a year and have a minimal amount of school debt. With that said I am looking to purchase more Real estate in the near future, but I’m wondering how people do it. I see many posts and videos online regarding how people who were flat broke get multiple properties. I realize I could use private financing (not going through a bank) but as I understand they are SUPER short term loans and are extremely risky if you can’t REFI out of them. Additionally I do not understand how many of these beginner RE investors work around the issue of Debt to Income ratio. Any/all thoughts on this would be helpful! THANKS!
Most Popular Reply
I came here to ask this same question. I have enough to put down on a first property but then I'm tapped out. To do a cash-out refi on the first property will take probably five years to build enough equity. I'm also curious how to get the capital for a second property.