Home Buying in Goodyear>Question Details

jstockham, Home Seller in 85338

I want to buy a primary home for 350K and a second home for 175K as an investment. I haven't found a primary

Asked by jstockham, 85338 Thu Jan 31, 2008

home I like as of yet but I have found a secondary house that I'd like to buy. Would it be foolish of me to buy this home before I buy my primary residence first? And could I possibly be sabotaging myself by not waiting to purchase the primary residence first?

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I am a bit conservative, and prefer to recommend the conservative approach. Don't buy your secondary or investment property until you have secured your primary residence. You never know, your personal preferences may change, and you may find something that you fall in love with, but it costs a bit more and eliminates the option for a second home/investment property.....not to mention that if you are financing, that opens another can of worms regarding qualifying and getting the best rate. The investment opportunities aren't going anywhere.....it is amazing the value that you can pick up these days!

I can assist you with locating a primary and investment home anywhere in the Phoenix metropolitan area....from reduced builder inventory homes to bank owned properties, to new construction and resale! I know it is not easy to search for a home, especially with so many options. The best part is that my services are free to you (the seller pays me, but only if you buy and close on a home!)

If you help me narrow down your preferences, I can try to help you locate a home that will meet your needs.

--What particular price range did you want to stay within?
--What community amenities are important to you (i.e. active adult, gated, golf course, rec center, park, etc.)?
--What home features are important to you?
--Are you interested in new construction, or are you looking for a home that is ready for move in immediately?
--Will you be financing or paying cash?

Please let me know how I might be able to assist you with your new home search. You can also visit my website, http://www.buyanewhomeinaz.com and search my listings or other phoenix area MLS listings.

Randy Curnutt
Realtor
Guardian Realty & Investment Group, LLC
602-677-1002 cell
480-907-1916 fax
randy@buyanewhomeinaz.com
http://www.buyanewhomeinaz.com
0 votes Thank Flag Link Thu Feb 28, 2008
As the others have implied, without more information about your situation it is improper for us to give you an answer to your question. As real estate counselors we need to know the broad picture in order to develop a plan.

Interview a few agents that specialize in the area you want to live. Choose one to work with you on a plan.
Web Reference: http://www.JoeArizona.com
0 votes Thank Flag Link Thu Feb 14, 2008
llona is right. Credit is harder to obtain so if you plan on financing your second and first purchase you definately need to talk to a mortgage professional first and let them know your plans. In general if you buy your second home as an investment property and already have a 12 month lease on the home, then it will help you when it comes to qualifying for your primary home. You need to watch your income to debt ratio in both cases.

My advice: consult your mortgage professional and legal counsel before making any purchase and make sure everyone is on the same page when it comes to taxes and the legal implications of owning a primary and secondary home.
0 votes Thank Flag Link Thu Jan 31, 2008
That would really all depend on what your criteria is. Do you have good credit? Do you have a tenant in place for the investment? Do you have additional assets that will help approve you for both mortgages?
All of this and more need to be taken into consideration when putting in an offer and purchasing a home.
Please let me know if i can be of further assistance.
Best of Luck!
Ilona
Web Reference: http://www.ILONAPOKA.com
0 votes Thank Flag Link Thu Jan 31, 2008
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