As the saying goes, when it rains it pours!
I bought my first investment property about 18 months ago and was just starting looking for deals to buy my next 1-2 over the past few weeks. I wanted to get a mortgage in the $150-200k range to cover it.
I came across an apartment that I want to make an offer on. Listed for about $60k, needs total gut reno and ARV is around $100-110k. I would fix it and hold it as a rental.
The day after I found that I saw another apartment that I want to make an offer on listed for about $90k and was recently renovated.
Based on my finances, I'm confident I qualify for a mortgage up to $200k. Since the total of the 2 apartments I'd like to make offers on is $150k, would a bank allow me to get 2 mortgages at one time (on top of 1 I already have)?
If anyone could recommend a mortgage broker in Atlanta that could help with this I'd greatly appreciate it!
$45k cash for downpayment
$55k yearly W-2 income
$17k yearly rental income
-$12k yearly mortgage/HOA payments
Current mortgage is $129k on a condo with approx. value of $200k.
I guess it would depend on the lender, but I would think you can find someone that will give you the loans since you qualify for more than the total amount. Of course, lenders sometimes have criteria that does not always make sense.
Are you planning on getting it under your name or your LLC? If its a small business loan under an existing/new LLC then the banks typically look at the income generating ability for the property in question more than your personal income. They will look at the rental incomes, rent roll, debt service coverage ratio. I am assuming you will be buying under your name.
I will PM you a list of mortgage brokers you can speak with here in Atlanta. Full disclosure I don't make any referral fees based on these contacts and please do your own due diligence.
It will be under my name. Not planning on setting up an LLC until I pass 5 properties. Got your PM, thanks!
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