Hello to all of my experience REI.....!!!
I need some advice....
As many may already know, l am an inspiring new investor. My husband and l saw a 2-unit property in Onterio, OH. One unit is has 3 BR, 1.5 bath 2 car garage ranch unit, second unit is a 2 BR, 1.5 bath 2 car studio style unit. 2,833 sq ft. Lots of additional parking. Separate utilities including water & sewer. We would like to pay nothing but taxes and insurance. The asking price is $144,500.
Now, my husband and l are planning to move to Ontario,OH in 2 yrs from Euclid, OH. We are thinking about investing in a property there as a rental and than move into one of the units when we move in 2yrs. Since we already have a mortgage on our current property, we would like to know ways in which we can finance this new property without doing a down payment. Should we get another mortgage? How would you go about this venture if it was you????
Please keep in mind for an investment property, there are many more expenses than just insurance and taxes. Vacancy, damage, eviction, CapEx items, just to name a few.
I always prefer to get a mortgage, as the rates are low and the term is fixed, versus say, an owner finance deal. The lowest downpayment would be if you moved in to it now, occupying one side and renting the other. Can you qualify for two mortgages at once? Do you have reserves? Talk to your bank and review your options.
Our first mortgage is a VA Loan mortgage. I will check with our bank if we qualify for 2 mortgages.
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