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Using existing rental property to secure next loan

722 Views | 9 Replies | Last: 10 days ago by pantherag
Aggie369
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AG
Looking for some advice....just closed on our 2nd duplex. We bought 2 in 2 years...they cash flow nicely.

Whats my next step to use these properties to help secure a loan down the road? I need them to start not taking a loss on my taxes? Work on my relationships with lenders? Probably both of those...what else?
Sooner Born
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Do you have any debt associated with your duplex currently?

Also, unless you found the deal of the century, avoiding it showing as a loss on taxes is going to be tough because you are required to take depreciation which can be a sizable amount. That shouldn't matter though as the banks understand that it's more of a paper loss than an actually loss.
Aggie369
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AG
Yes 25% down
NoahAg
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Following. I have a lot of equity in our first rental. Would like to deploy it to acquire a couple more.
Colt98
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AG
We've done this a few times. Our local bank never had any issues with it.
Aggie369
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AG
Do u have ur mortgages through that same bank?
Colt98
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AG
No we didn't, but we were at 80+% equity and used a local bank on the second note.
Sooner Born
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How far is "down the road"? Not an expert here but if you "only" put 25% down, I think you're going to have to see significant appreciation or hold them a long time to build up enough equity to use for another property.
SteveBott
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AG
OP I can lay out loan options but need to use the phone. We can cover a lot of ground with a call. Contact info in my profile.

17 years in mortgages
pantherag
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AG
369 - Steve Bott is good for you to work with. Steve is good people and you both have a common acquaintance.
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