Updated over 3 years ago on . Most recent reply
Getting approved with existing mortgages
My wife and I are interested in starting to invest in real estate to create passive income for our retirement. We're both 58 but I have heard on many occasions that you're never to old! Anyway, we currently owe around $380,000 on our current home mortgage. It would be fair to say that the home would sell for around $550,000 to $600,000. My wife also is a co-borrower on our son's home on a mortgage of about $200,000 which was purchased about a year ago. At this time, my wife is the only income earner which last year exceeded $500,000 with salary and commissions. Would this scenario make it difficult to secure mortgage funding for an investment property? If not, what are some suggestions on how to make that happen? We appreciate your suggestions!
Most Popular Reply
For me, pull out a big HELOC and pay down your current mortgage as much as possible. Then buy all cash, season and pull out the equity, putting the money back into the HELOC. Rinse and repeat. This is how I went from 0 properties to 20 properties in less than 10 years. DM if you want to discuss this more.