Interested in purchasing 3rd home.

Asked by David Luu, Travis AFB, CA Mon Apr 1, 2013

I just closed on my 2nd home this past Friday. This will be my primary home for a while, but I am thinking on pulling equity out of my first home (paid off) to purchase an investment property. How difficult would it be for me to pull this off?

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5
Steve Goldbe…, Agent, Fairfield, CA
Mon Apr 1, 2013
Hi David,

Without have all your financial information it is difficult to answer you question with a specific response.

Before buying you should consult a tax person regarding the best way to go about making the third and any subsequent purchases. You will want to maximize your tax write off and my business associate, who is very qualified to answer those questions can be of assistance.

Contact me at info@SteveGoldberg.us if you would like a consultation with her.

Steve Goldberg, MBA, Realtor
0 votes
Robert Chome…, , San Diego, CA
Mon Apr 1, 2013
You can get up to 10 mortgage's. You should be fine to buy 7 more investment properties. A nice thing is you can count the projected rent of a investment property towards qualification which can offset much of the new debt and allow you to qualify for a lot of properties. Contact me if I can help.
0 votes
Dianne Langs…, Agent, Fairfield, CA
Mon Apr 1, 2013
Hi,
Your query should begin with Tim Porter, Solano Mortgage. He would be best qualified to answer your question because he knows your financial situation, Fico, income, expenses, etc. If he gives the go ahead for the refinance to pull money for a new purchase, ask him how much can you buy with the proceeds and what the interest rate would be for you as an investor and the amount you would need to put down. Also, you will have to qualify with all three payments.
Best regards,
Dianne Langston
0 votes
Thierry Abel, Mortgage Broker Or Lender, Corte Madera, CA
Mon Apr 1, 2013
You can do a Cash-Out transaction on your departing property, whether it is now an investment property or second home.
0 votes
Sameer Punja…, Agent, Vallejo, CA
Mon Apr 1, 2013
Contact Jai Ramaiya @ Wells Fargo. She's local in Vallejo and can help you out with this.

Here is her contact info

https://www.wfhm.com/loans/jyotsna-ramaiya/index.page

Thanks
0 votes
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