My name is Chyna and I bought my first 3 family home at 22. It has been a year and 9 months after purchase and I am interested in purchasing another.
I recently moved back home with my mom to increase my income and pursue my education full time ... I currently earn an income of $4100 off of the property and my mortgage is $1670. I do have other bills and my current monthly debt to income ratio is at about 50%. I recently started working part time adding about $1600 to my income
My question for you is...
How would I go about financing my next purchase, what do most lenders want to see? Will they count my rental income and if so how much? What is a good amount of savings to have ? I would like information on traditional and creative ways of financing this purchase ... thank you
@Chyna Vaught congrats at the wealth building at such a young age. The black and white answer is that you need 25% down to purchase on an investment property. However, depending on owner occupancy, and what type of mortgage you took on your first purchase would determine what you can do. Feel free to reach out and I can share some good lenders with you who can help you navigate this process. We help a lot of investors in the area as well. I just closed on one in EH on Sisson Road for another investor. Good luck!
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