Talk to me about 2nd position mortgages
I’m looking at a few houses that are good values but I’m at least a couple years away savings-wise from being able to afford a down payment ($30-40k range) on them as an investment property. I could comfortably put down ~$5-10k down, but any more than that and I’d be digging too far into my cash cushion to be comfortable. Assuming I can find someone to hold a second position on a mortgage, is it common for banks (the bank would be holding the first position) to allow them for investment properties? Is it just on a case by case basis?
This is in Raleigh, NC if that makes any difference state by state