Aberdeen, NJ · Member since 2017 · 41 posts · 9 votes
hello to all out there and good morning. I am closing on my first condo some time next week with a conventional loan. I am however already thinking about my next purchase either multi-family or perhaps another condo, any input about which of the two to go with would be an added plus but my main question to BP is how long do I have to wait to apply for another loan, either through a credit union, bank, or hard money loan?
Philadelphia, PA · Member since 2017 · 140 posts · 37 votes
9y
My husband and I have an experience of buying 2 duplexes 7 month apart through conventional loan. But you don't have to wait that long. I was told by the lander that as long as you have a steady income, enough cash to close and good credit , you are good to go. Some Landers would like to see your condo that you just purchased, occupied, they ask for a lease to review. That also counts as your incom.
As to what type of property to buy, i would suggest multyfalimy, because you will be the owner of it, you get to set your own rules and don't need to waist money on constantly increasing condo fees. Also your risk of losing rent trough possible vacancy is split between 2 or more units.