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#411188 - 08/12/12 05:16 PM Second mortgage
Introyble Offline
Junior Member

Registered: 08/02/12
Posts: 3
Loc: Oklahoma
Posted this same question in different section of forums. Hoping for a good answer.

I had a number of options with my first home loan (FHA). I elected to remain with an investment approach.

Basically I bought a multiplex that offered a 6% ROI and occupancy. Seemed to good to pass. In addition, the rental income matches nearly 90% of my total obligation.

Once I vacate I will have no less than 12% ROI annually. Initially, I am using 100% of the rental income in addition to monthly to pay down debt and quickly gain equity.

My question. Soon I will shift and build liquid cash from the rental as to acquire significant second purchase capital.

How many months into the loan will it be realistic to approach my lender for a second mortgage? 12 months seems unrealistic as the loan will be viewed as to new. I don't want to wait 3 to 4 years if not necessary.

At this point the multiplex will be producing 12% ROI. Credit is prime and personal income is good. Somebody please give me an honest assessment.

Thank You!!!!!!

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#411202 - 08/13/12 11:15 AM Re: Second mortgage [Re: Introyble]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2421
Loc: Outer Banks
To get the only answer that will mean anything, you have to talk to some local lenders. By local I mean regional banks who specialize in making home town loans. Anything you hear from non lenders will just be speculation.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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