Bought my first rental, how can I buy another
Hello all, I’m brand new to all of this. Just closed on a duplex and living in one side and renting another. I had someone borrow me 20k for a down payment on a 100k property and paid them back with equity I had by selling my house.
So I have an 80k conventional loan and was wondering if there was any way, without borrowing from a family member, to get another loan for about the same? I don't have much to put down on the down payment yet, so I couldn't come up with the 20% needed to get a conventional loan with out PMI. Any tips or suggestions?
I have my eye on another duplex that just came on the market that I would be renting both sides and am trying to figure out the best route. Thanks!!
Most Popular Reply
Hi Ethan,
Time to focus your energy on increasing your personal income and saving for your next property. A common mistake I always see with investors is trying to find ways to buy properties when they don't have any money to invest with.
It's simple. Increase your income save and buy a rental. Run out of money? Well, save and buy and when you have enough. Just keep repeating this process.