Buying Multi-family House To Live In!
I am currently in the market to purchase a 2 family home to live in. I've studied many real estate courses and it's been hard to get started. I decided to stop renting and finally get my own home and rent one of the units. Thought it would be a great way to get started in a way and learn the purchasing process of a home. My fiancee and I are getting married next year and we decided it would be a great way to live in a home and kinda get our feet wet with REI. My fiancee got approved for the loan without using my name in the loan. I would like to get another house in about a six month and get another rental unit to solely rent out and have a positive cash flow every month. Can someone please provide any feedback and guidance and please let me know if this is a good idea of the one I am thinking about. I also wonder how it works to get another conventional loan after you have a mortage in place. How would I use a bank to lend me money to buy the other house or this is when private investors come in??
Please help!!
You may qualify for a second traditional loan through a bank if you have enough income. There are also no stated income loans. If your fiancee got approved for the first loan, maybe you can get the second loan by yourself.