New to Real Estate · Oklahoma City, OK · Member since 2021 · 1 post · 0 votes
Hi, friends!
Looking for advice on how to buy/finance an investment property and a new home at the same time.
I currently live in a rental home that my landlord may be interested in selling to me. I’d like to purchase it as my first investment property. BUT I took a new job out of state and will be purchasing a home there. (I have family where I currently live and will have to travel here often for my new job so I am not worried about being able to manage the property from out-of-state.)
What is the best way to accomplish this? I'd need to finance both properties. LLC? Business loan and personal mortgage?
Any recommendations/advice would be greatly appreciated!
Lender · Peoria, AZ · Member since 2018 · 77 posts · 25 votes
5y
Hey @Gerred Q Edwards. So you can do both purchases at the same time. Biggest thing is that you have to disclose on both loans that the other is happening and you need to be able to service both loans with your income. Only other recommendation would be to work with the same lender or broker for both deals because the paperwork is going to be the same and it will make it more efficient than you trying to coordinate with 2 different lenders.