Posted on: 30th Jun, 2009 02:59 am
I was wondering, how easy is it go get a 2nd property when I barely qualified for the first. Now I am renting out the first one and am almost breaking even on the mortgage I currently have........will this count as added income and help me qualify for another mortgage for another property?
wfanaken,
I will advice you that until and unless you do not have 20-30 % as a down payment for the second property do not purchase the second one as if for any other reason suppose you are not able to find a person to whom you can rent for more than 2 months then you will be forced to pay for the mortgage payment of the both the houses and it will be really difficult if you do not have any other helping hand (spouse working somewhere).
So considering all these factors I will advice you that you should better save enough so that you will not be toiled into the mortgage payments for no reason.
keep in touch.....
I will advice you that until and unless you do not have 20-30 % as a down payment for the second property do not purchase the second one as if for any other reason suppose you are not able to find a person to whom you can rent for more than 2 months then you will be forced to pay for the mortgage payment of the both the houses and it will be really difficult if you do not have any other helping hand (spouse working somewhere).
So considering all these factors I will advice you that you should better save enough so that you will not be toiled into the mortgage payments for no reason.
keep in touch.....