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!
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.
@Jordan Digiacomo just repeat what you did the first time to acquire your next property. As you earn more over your working years, increase your savings rate and continue to invest. Reinvest all profits.
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.