All Forum Posts by: David Ziccardi

Thank you for the quick responses. Just some additional context. I also own another property that has been rented for the last 6 years which helped me get this second property. My income has been inconsistent but when it does come in it is substantial enough for me to live comfortably.

Randy - If I were able to take on more debt I would because even if both properties were to be vacant for a month or two (or longer) the mortgage payments are a joke. I would have an estimated mortgage payment of about $180-$200 a month on this property and the taxes for the year are $450 which I have already paid in full. Obviously I have other expenses like insurance, repairs, management, etc, but I am perfectly capable of sustaining a vacancy hit for a few months if that were to happen. I feel like if I am not moving forward on the next house I am moving backward haha

I recently exhausted most of my personal money to purchase and rehab an investment property. The rehab is complete and will have a tenant very soon. I would like to acquire my next property but I am now left with little personal money. I have been told by several lenders that I do not have enough income (I have worked as an independent contractor with inconsistent income since recently graduating college)  to support a refinance of my first property to get my money back out of the property. I have reached out to several private money lenders who seem to be willing to lend but I am hesitant to take their money at such high interest rates and unsure about which loan is best for me. I would also prefer not to invest with a friend or family member at this time and keeping the property free and clear to just accumulate the rental income isn't going to immediately help me get my next property. What are my best options?