All Forum Posts by: Chris Burnett

Hello!  I am just getting started in real estate investing (no deals yet) and have an idea on how to get started but wanted to hear your thoughts....  

I currently live in and own a home that had previously been a rental property (I believe for 10 years).  I am thinking about buying a new home to move in to and holding the one I currently own as a rental.  The obvious issue is coming up with a down payment on a new home without any equity from the sale of my current home.  The second (and maybe more tricky) issue that I foresee is securing financing on a new home.  I am hearing that lenders will require 2 years of occupancy on a rented home before they will approve financing for the next home.  Does that sound right?  Any ideas on how to get around this?  Again, I am new to this and am open to suggestions.

Thanks!

@Josh Isham

 Thanks!  Not sure how I want to get started yet, but we currently live in (and own) a property that would be a great rental.  It was a rental property for 10 years before we bought it.  The problem is securing financing on a home for us to move into while keeping the current home as a rental.  I am hearing that in order to make that happen, not only will we have to come up with a down payment (without equity from the sale of our current house), but lenders will require at least 2 years of having a tenant before they will approve a loan for another house.  Does that make sense?  May need to start a new thread to get this one addressed....

Hello! I have been researching REI over the past year and have ran into a few nay sayers warning me of the risks that come with investing in real estate. I have decided to seek council from those who have actually done it, so here I am! I hope to one day be a resource to others, but right now, I am just trying to find my way!

I would love to be self employed, but now I currently work in sales in the construction industry.

Thanks for having me!