Updated over 5 years ago on . Most recent reply
Buying a Second Multifamily...
I currently own a 3 family for almost 2 years- initially owner occupied and a conventional loan.
I have my eye on another 3 family in the same town but its double the square footage and higher quality.
my question is will there be any issues purchasing the second 3 fam property? And what's the best approach or investment path to take? Just need advice and guidance, I guess... My goal is to acquire multiple multifams over time.
Most Popular Reply
@Jeff Angel
The only thing that would be different than your first would be that your Debt to Income will factor in the cost of the first property, but since you're coming up on 2 years can use the rental income to offset that. If you are planning on owner occupying, definitely look into a lower money down program like FHA, allowing you to keep more in reserves and deploy the capital elsewhere.