Financing in Chicago

[Patrick Howe]

I am looking to purchase my 2nd property this year in the Chicago area. I used a VA loan to "House Hack" my first three unit building. I was able to purchase it with very little down (under $3,000).

I have found 2-3 unit properties in the $200k-$300k range. I am trying to determine how much money I will need to save up in order to purchase my next property. Is it going to be necessary to put down 20% since it will not be owner occupied? If anyone has any insight on different loans or sources to finance the deals and can explain (as I am relatively new to real estate).  Thanks again BP community!!

[Jerry Padilla]

@Patrick Howe

@Jabari Sterling

You can get into a second VA loan, - if you have second tier entitlement eligibility.

There are many factors that play into this and not everyone is able to. I would be glad to discuss your specific situation. 

Are you active duty? How long has it been since you purchased the first property?