Good evening friends! I would love to get the expert advice. About six months ago, I bought two properties in one of them.
Friends Good evening!
I would love to get the expert advice.
About six months ago, I bought two properties in one of New York's cities.
BH we have been renting for both at good prices.
Of course I opened a bank account at a local bank in the name of the company.
The deliberation is:
Is it possible and worthwhile to take out a mortgage at the expense of these two properties in order to purchase another property. I have a few questions
1. Is it true and worthwhile?
2. If so, is this a simple process to do?
3. What should I know before I make such a move?
4. Up to 50% financing on any property is this feasible leverage?
5. Is it possible to take financing from any bank or only from the bank where the company's bank account is managed?
I would be very happy if you could shed light and information on the matter for me.
I am going there in two and a half weeks there, so I wanted to know how to prepare as well.
Many thanks to all the members for all the tips and information.
Contact us in details.
I recommend that you read the BRRR book of bigger pockets
He will answer you all the questions and give you all the tools to do it right.
1. It is true and worthwhile individually but it is certainly a tool that is used and can leverage and help grow.
Not simple but not complicated
3. Don't have to know a lot, but you should know a lot to do right and avoid mistakes and maximize the process.
4. Yes most lenders give 70-75 a percentage of the property value
5. Funding can be taken from any bank and other loan company and it is even recommended to check as many options as possible to get the loan with the best conditions for you.