Buying my 2nd Rental Property
Hello!
New to investing. I just want to ask some advice regarding next move in acquiring my 2nd rental property (Occupied). Preferably another Duplex and wants to take advantage of low down-payment options.
Situation: Currently house-hacking a duplex. used FHA loan. We have been living here for about 6 months now.
My LTV is is 87%.
Cash on hand 50k.
We have a 720+ credit score. Stable W-2 JOB.
I appreciate any input. Thanks!
Most Popular Reply
Hey @Michael Iquin, congrats on already scoring your first rental property. I would also recommend you wait that full 12 months before speaking with your lender about the next loan type and property identification. Yes, SFHs are easier to find and finance, but don't shut down your duplex goals just to take the easier route. Right now I'd be focusing on finance preparation to acquire a strong rental, and have liquidity ready to go for down payment, renovations, additions, etc. Preparing for that next property is just as critical as putting in the right offer with the right financing. Feel free to reach out if you want to chat sometime!