Dave and Maria are talking about investment properties:
Dave: A lot of people don’t realize how easy it is to go out and buy another home, such as an investment property.
Maria: If you’re in a position where you make enough to cover your current mortgage and expenses, you can actually buy an investment property with only 25% down and be able to offset the payment with potential rent. That means you don’t have to make more money to buy an investment property, you just need 25% down.
Dave: So if I want to buy another property I just need to be able to afford what I already have?
Maria: Yep! And have 25% down.
Dave: So if I have a down payment I don’t need to make more to buy that investment property?
Maria: Correct.
Dave: Because the rental is going to cover that payment.
Dave: So if I want to vacate my existing home, can I buy another home and turn mine into a rental?
Maria: Yes, we see a lot of people buying a new primary residence because they want to upgrade, and they are able to use their current primary as an investment.
Dave: Maria mentioned 25% down. That’s only if you just make enough to cover your current expenses. If you make good money, then you don’t need 25% down. We can get you into an investment with much less down.
Maria: There are lots of ways you can increase you real estate empire.
Dave: I’ve been in the business since 2006 and right after the mortgage meltdown, lenders were scared of loans. This is not the case now. They contact us every day trying to get more loans, so they are very eager to try to qualify you to go buy another home. So if you haven’t tried, now is a good time.
Maria: Give us a call and we’ll give you all your options.
Dave: If it’s been on your mind to pick up another property, give us a call at Black Diamond Mortgage.
