I bought a vacant lot, I build a house with cash and now I am in the process of getting an appraisal. I hope to get a loan after the appraisal is completed. When I get the loan, I would like to purchase another house. I would like to renovate to rent and then buy an additional property. How would this work? Would I continue to mortgage each property to get more financing?
Hey @Jonathan Darensbourg
Fellow NOLA boy here...where is your property?
In New Orleans East.
How many units? I think that will drive which lender you should work with
Again, talk to a lender before ordering an appraisal. They have all sorts of guidelines on how appraisals need to be handled and might not be able to use one you order independently.
Okay, Mr. William. I completely understand, thank you.