Multiple properties- how to afford

[Ginger Mermer]

Hello everyone,

I’m very new and trying to learn as much as I can. Please go easy on any dumb questions I may ask. 

I am closing on a property in a couple weeks that will net me about $12k once it is rehabbed and sold. May that’s ok or maybe it’s terrible, I wouldn’t know, but I’m happy with it. I will have about $30,000 additional cash to use as well. I just want to be smart about getting started with investing as well as making sure my personal goals are being worked toward. 

I really, really, really want to build a house. Always have. How do I go about getting a loan for both a construction project, and a property to continue my investing journey? Obviously I wouldn’t  sell my own home once it’s built to finance the investment property. So I guess my question is how do I get started and do lenders ever give multiple mortgages? My credit is pretty low right now but I’m working on bringing it up. I do have a steady job with a salary. I just don’t know how someone like me would ever have an investment property and a home of my own. Thanks for any help. 

[Julie Williams]

@Bob E. Thanks for being insistent. I looked up Massachusett's numbers, and 4th quarter 2021 had 7.8% growth and 1st quarter 2022 lost 1.4% which is a huge difference. I needed to know that. I wish this would translate in to real estate purchase prices, as the market is still insane here and probably at or near peak.