- Thrive Mortgage Co.
USE RENTAL INCOME TO BUY ANOTHER HOME
Are you wondering about another strategy to buy your second property?
Here’s example of how to do that with less than 20% down.
A lot of our clients have owned a piece of real estate and seen it go up in value for a period of time. We can take the equity out of your primary residence and all you actually need is 5% or 5% of the first $500,000 and 10% to purchase that second property.
You can actually purchase your next property with less than 20% down, assuming you are moving into it. The easiest way to achieve this is to turn your primary property into a rental.
We could use the estimated rental income and that of course will help us pay for the existing mortgage. Then we only have to qualify you to a new property. If your new property has a rental suite and can provide additional rental income to help get you into that property.
That’s just one example of how you can buy a property with less than 20% down for your second property.
If you would like to learn other ways feel free to contact us!
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