REVscene Automotive Forum - View Single Post - Owning a second home.. how difficult is it?

bossxx · 09-02-2009, 01:14 PM

Say I have a house and a mortgage but I would like to get into another house as strictly a rental property, how would I go about doing this?

If i've got a 10% downpayment saved up already for a second home is that all I would need? Would I need to be able to afford both mortgages in the event I could not find tenants for my house for an extended period of time (which is somewhat unlikely but im sure the banks would maybe want this).

I could probably afford both mortgages but ideally I would not want to be stuck in that situation.

My guess is that I would have to figure out how much rent I could get from my tenants and then be able to cover the balance of the mortgage payment per month. That is what i'm guessing. I guess it wouldn't hurt to talk to a mortgage broker but I thought I would get an idea or two here first.

Eventually I would like to have my own home plus 3 rental properties.

09-02-2009, 01:14 PM	#1
bossxx I answer every Emotion with an emoticon Join Date: May 2002 Location: pc Posts: 7,554 Thanked 4 Times in 4 Posts Failed 0 Times in 0 Posts	Owning a second home.. how difficult is it? Say I have a house and a mortgage but I would like to get into another house as strictly a rental property, how would I go about doing this? If i've got a 10% downpayment saved up already for a second home is that all I would need? Would I need to be able to afford both mortgages in the event I could not find tenants for my house for an extended period of time (which is somewhat unlikely but im sure the banks would maybe want this). I could probably afford both mortgages but ideally I would not want to be stuck in that situation. My guess is that I would have to figure out how much rent I could get from my tenants and then be able to cover the balance of the mortgage payment per month. That is what i'm guessing. I guess it wouldn't hurt to talk to a mortgage broker but I thought I would get an idea or two here first. Eventually I would like to have my own home plus 3 rental properties.