Income – $250K/year gross
Our primary residence is worth $450K, we owe $55K
Our rental is worth $325K, we owe 17K. Rental income from house is $2K a month. Rental mortgage is $700 a month (includes taxes/insurance)
What would be the best way to purchase a second rental if we don’t have 20% down or whatever is required by the bank? Would using equity from the rental to purchase a 2nd rental be a good idea?
How do we buy a second rental property?
byu/Due-Intention-7092 inRealEstate
Posted by Due-Intention-7092
2 Comments
Why don’t you have 20% down?
Your numbers are great. Just save 20% down.
Why do you need to buy *another* rental if you don’t even have your primary and current rental paid off?