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Buying a second property when still having a Morgan on the first?
Hey there!
I have about 25k that I would want to invest, I'm thinking of buying in Baltimore MD a 3r+1-3br for between 75k-140k and earn between 700-1,000$ a month after taxes and mortgage etc.
My question is, would I need to finish my mortgage and refinance to buy a second property or can I have a new down payment and still have mortgage to pay on the first property?
Thanks Yair
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#3 Rehabbing & House Flipping Contributor
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- Fort Washington, MD
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#3 Rehabbing & House Flipping Contributor
- Investor
- Fort Washington, MD
Just seems like you are approaching it very simplistically which is what prompts many to fail. Not saying it isnt possible and I don't want to discourage you but please have due diligence. That scenario you listed doesnt get you what you initially mentioned. Also, property management, vacancy rates and maintenance (and several other things) will without question eat into that cashflow if you are able to achieve it somehow. Either way, good luck and please let us know how everything works out.