Purchase first home, how to finance second home? - Posted by James


#1

Posted by James Harris on November 02, 2005 at 07:40:47:

James, you may be able to get the home with no money down, however, you will nstill need reserves, 2-6 months.


#2

Purchase first home, how to finance second home? - Posted by James

Posted by James on October 31, 2005 at 13:45:05:

I just made my first mortgage payment with a 4 bedroom house of 150,000. I found an excellent deal for a second house to buy which is actually 2 homes in this single purchase of 166,900. 1 of the homes is 6 bedrooms,3 baths and 11 total rooms,app2488sq ft. The number 2 home has 6 rooms and fully furnished and equipped close to schools, shoping and hospital all on a .25 acre lot. How do I buy this investment after just buying a house, do I have to wait and be seasoned for a year first? I would like to buy and resell each seperately. What’s the wisest way to go?


#3

Re: Finance second home - Posted by Jared

Posted by Jared on November 23, 2005 at 15:08:19:

James, I can help you purchase both these properties with no reserves. Call me for details 516-422-6345


#4

Re: Purchase first home, ? - Posted by James harris

Posted by James harris on November 01, 2005 at 09:16:30:

James, First question is; the 4 bedroom, is it your primary? As far as the 2nd, I agree with RJ Baxter.


#5

Purchase first home, how to finance second - Posted by RJ Baxter

Posted by RJ Baxter on November 01, 2005 at 08:35:55:

You should not have to wait to buy these homes. It is best to buy them as separate properties, so that the title for one is separate from the other. Depending on location, you could buy one as a second home and get more favorable terms than an investment property, or buy them as investment properties. You will need 6 months reserves (principal, interest, taxes, and insurance payments) for each property- required by most investment property lenders.


#6

Re: Purchased home, how to finance second home? - Posted by James

Posted by James on November 01, 2005 at 07:47:11:

Thanks Ben for writing. I got your e-mail. Is scouting an option or sharing the profits with percentages. The 11 room is a 2 story Colonial with a gourmet kitchen, fully renovated and a half hour to 2 ski resorts and within an hour to 1 of the best places to ski. It was used as a bed and breakfast.


#7

Re: Purchase first home, ? - Posted by James

Posted by James on November 01, 2005 at 18:51:34:

Yes James harris the 4 bedroom is my primary residence. If I buy them seperately then I would not need the reserves, is this correct? Thanks RJ I never considered buying just one then maybe the other. The location is inside a small industrial town on an embankment. The 2 are close together and I think they share the same driveway. I made the mistake on land, it was .5 not .25 of acre. The .25 was optional if wanted to pay more but doesn’t say how much in the ad.