Best way to buy 2nd property?

Question

I'm reading and hearing a lot of ideas about how to go about buying your 2nd property.  Can anyone share from experience what they did and or if they should have done something different?   Thanks

Zack Karp · Answer

Jonathan W.

That's really a loaded question to answer.  When you say second property, will it be a primary residence or investment property?  Fix and flip, buy and hold, condition of property?  Financing van vary widely, from Conventional or FHA to private and hard money.  Let me know if you have any specific questions I can help answer.

Jon W. · Answer

I was going to go with primary residence because of the best interest rate. Basically whatever gets the job done with the lease out of pocket expense is the route i lean towards.

Jon W. · Answer

@pete schwan yes i have a 3 fam that i bought. Which actually has about 800 sqf of unfinished space that im in the middle turning into a 1 bedroom apartment.

Pete Schwan · Answer

Hi Jonathan, Welcome to BP. Assuming you own one property already...see if you can do a cash out refi and use that money for a down payment on another solid investment. If you can find a 2-3 family thats awesome because you could still do an owner occupied conventional loan, keeping your down payment to a minimum. The you could rent out both units and cover your overhead. Maybe you could put solar panels on the house for free to further reduce your operating costs. Hope this helps. ~Pete