All Forum Posts by: Nicholas Goerss

If you run into debt to income challenges you can get a lease in place prior to closing in order to offset the debt. That would be identified through the pre approval process if done properly. We do 90% of the work up front so there are no issues once a contract is executed.

Is it difficult to get a lease in place if I still live in the home I plan to rent out? I have all of my belongings in the house.

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Hello all,

I am getting ready to start looking at lender for my second conventional mortgage to buy my second property. I plan to buy a new property in May by putting 5% down and renting out my current home. Any tips or advice before I dive into this process? Places to go for lending? Difficulty in getting a second loan?

My credit score is currently 807 if that changes anything.

1 Vote

I currently own 1 SFR that i've owned for a year and a half and used my FHA loan on. Currently, based on a market evaluations, I have about 50k equity in the property. I would like to purchase my second property and plan on buying another SFR in the same area. I currently have ~20k saved and will have more upon the time I buy.The houses in my area are around 300-350k range. My question is if I am able to buy this second property by putting around 5-10% down if I plan on living there for over a year? If not, what other options do I have rather than save till I get 20% to put as a down payment?

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All Forum Posts by: Nicholas Goerss

Nicholas Goerss has started 2 posts and replied 3 times.

Post: Tips and tricks for getting a second conventional mortgage?

Post: Tips and tricks for getting a second conventional mortgage?

Post: Second property with less than 20%