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Updated almost 7 years ago on . Most recent reply

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John Pelaez
  • Kalamazoo, MI
13
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How do I appear under leveraged?

John Pelaez
  • Kalamazoo, MI
Posted
So I recently purchased a duplex 2 months ago. Its cashflowing well like I anticipated. I have a W2 job as well. I am looking to buy a second property but am also going to be moving in 6-9 months. I will be selling my personal residence for another 1. Heres my dilemma. How should I go about buying this second property and my personal residence without being told I have to live in the bad part of town because the banks think I'm over leveraged? I could finance it or make a lowball offer with cash but that leaves me with little for my personal residence. I dont want to sit out of the market for that long.

Most Popular Reply

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1,132
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Craig Curelop
  • Real Estate Agent
  • Post Falls, ID
1,084
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1,132
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Craig Curelop
  • Real Estate Agent
  • Post Falls, ID
Replied

@John Pelaez - I had a similar situation happen to me when I purchased my second property. I had to have a tenant sign a lease to my place to prove to my lender that the rent would in fact cover the mortgage on the first place. This is something that you may have to do.

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