Do not forget seller financing! This option is and will be more prevalent in the future with many of the current buyers having a foreclosure, short-sale or bankruptcy. Sellers that can not sell for what they want to sell for now, can structure a more lucrative deal via seller financing or lease options.
If you belive that you can make the payment on the inverstment property(ies) in addition to the mortgage you recently got , then you might be able to get approved. The guidelines to get you approved ar tighther than when you apply for your primary residence and you will most probably be required to give a larger down payment - but it can definitely be done. I work with a lot of those every day.
Let me know if you will need more detail or have any other questions or concerns.
Carlos J. Ramirez, PC, ABR, CNE
Associate Broker, HomeSmart -
You absolutely can purchase additional homes as investments, recently after buying another home. But everything will depend on your credit, income, assets, etc. Typically, your looking at at least 20% down right now and you will need to be able to qualify for the new payments with your own income and have sufficient assets to cover all your mortgage payments for at least 6 months. I work with investors quite frequently to structure their financing in the best way possible. Please let me know if you need any further help.
President / Mortgage Consultant
Antigua Capital Funding
Purchasing property as investment requires at least 25% down if the house is livable. Otherwise you would need a short term "hard money" loan that would give you the cash to buy, fix-up and sell. There are some rules that you need to be aware of when it comes to selling property that you recently purchased that would affect the financing options available to the buyer.
Give me a call and we can go over the fianncing part of it, then if you still want to buy I know real estate agents that work in that arena.