So I've posted before about my first house purchase, which is currently a rental. I'd like to buy at least 1 house next year to live in and later turn to a rental, and possibly another rental. My current house after renovation I think should appraise for at least 50k, probably higher. It is completely paid for and cash flows about $550 a month or so. I'd rather not sell this house if I can use it to finance other purchases. I'm also heading into my last semester as a grad student (thought this may be relevant for financing). Planning to have a job lined up after graduating.
So my question is, what is the best way to take out financing on my current house, or is that even possible before getting a steady job for a few years? I thought maybe I could use a co-signer to help get the loan. The idea is to take out financing on this house for down payments on other rentals. Would it be best to go with a line of credit, home equity loan, or just standard mortgage?
Something else I thought I could do for a house to live in was an FHA loan, because I could probably come up with 3.5% down for the houses I'd be looking at buying in my area. The goal is to buy as many rental properties as I can get financing for. The first worked out very well and I'm pretty confident I can do the same with multiple properties.
Thanks for any response.
It will probably be difficult to secure FHA financing until you have a bit of job history, but ask around some lenders have stricter rules than others.
That's sort of what I figured. Just didn't know if anyone else had similar experience or knew the best way of going about getting a loan given my situation. I guess I just need to start checking around with banks.
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