When To Buy A Second Home?

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  • Опубликовано: 29 сен 2024
  • One of the questions in the comments we've received is asking how long you have to wait to purchase your second home? Let's discover the fun reality that most people don't know about buying multiple properties.
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Комментарии • 107

  • @jnubianbeauty9389
    @jnubianbeauty9389 3 года назад +10

    Bought my 1st 2 family home in Feb 2020. Trying to buy my second property March 2021

  • @anisharahul1439
    @anisharahul1439 6 лет назад

    Who was your mentor and how you found him??

  • @Lonewolf40188
    @Lonewolf40188 2 года назад +4

    Bought my 1st multi-Family last July 2021.Planing to buy after Renovations to buy another 2023!

  • @charleshawj1036
    @charleshawj1036 5 лет назад +37

    How do you qualify for a second property when your income to debt ratio is high from the purchase of the 1st property already?

    • @GordosLyfe
      @GordosLyfe 4 года назад +10

      Charles Herr increase your income,lower your debt

    • @23hdiaz
      @23hdiaz 2 месяца назад

      Should’ve got a multi family first, my pre approval after buying my first property is almost 200k difference!

  • @laniyahnuno4251
    @laniyahnuno4251 3 года назад +2

    Hi I purchased my home a year ago.. I have about 120000 in Equity I would like to purchase a second home and rent that out do you think is possible?

  • @Alfauram7290
    @Alfauram7290 4 года назад +6

    Does your income have to cover both monthly mortgage payments? I am in the process of buying my first property but I would like to rent it and get a second property.

    • @Junior-fy8bn
      @Junior-fy8bn 4 года назад +2

      I am wanting to do the exact same thing !!!!

    • @The3dcross
      @The3dcross 3 года назад

      What did you end up doing, usually need to live there a few years first

  • @geminigirl1111
    @geminigirl1111 5 лет назад +26

    i’m so excited watching these videos! i have like an adrenaline rush. it’s almost like i know i need to do this. this could be my calling

    • @WeTr1umph
      @WeTr1umph 4 года назад +2

      suzi que couldn’t agree more :)

    • @PennsylvaniaHomesforSale
      @PennsylvaniaHomesforSale 4 года назад +1

      @@WeTr1umph any update? For your 1st property do FHA 1-4units 3% down

    • @WeTr1umph
      @WeTr1umph 4 года назад +1

      B Muss did fha single family for my primary 2 years ago. Looking to do a conventional with 20 down in a few weeks.

    • @PennsylvaniaHomesforSale
      @PennsylvaniaHomesforSale 4 года назад +1

      @@WeTr1umph you should be able to do 5% down on your 2nd property if you owner occupy and it's a sfh

    • @WeTr1umph
      @WeTr1umph 4 года назад +1

      B Muss unfortunately the laws in Ohio dictate I put 20% and have 6 months of payments in reserve.

  • @woodforever1
    @woodforever1 4 года назад +3

    Doesn’t the banks Worry about debt to income ratio?

  • @Otot_B
    @Otot_B 6 лет назад +4

    you mean ROI not RIY(caption typo)

  • @GINMOONLIGHT
    @GINMOONLIGHT 4 месяца назад

    My primary home eats renovated so I wanna buy a second home where does that put me in taxes etc.

  • @moonbentley7412
    @moonbentley7412 6 лет назад +3

    So when we go looking for another bank to lend do we need to bank with them first ? Also? We cant just go ask the same bank that gave us the loan for the first property?

  • @vaibhavverma2748
    @vaibhavverma2748 6 лет назад +3

    Thanks for the reply much appreciated also I bought my first investment property a few months back and I was stuck this will help me also can you do a video on how to split the profit with the partners and i mean how you guys do it also some information on operating agreement btw Steven you did butchered my name :-)

    • @damianharynski2309
      @damianharynski2309 6 лет назад

      vaibhav verma give your partners as least as possible dude. If you can them give them 10% but I don’t think anyone would agree to that. 60/40 is a famous one. Or 50/50

  • @stanmoney8470
    @stanmoney8470 5 месяцев назад

    Should I pay one of first so i dont have alot of debt?

  • @mytravls
    @mytravls 3 года назад +2

    What factors is bank looking for to qualify for a second home?

  • @abenzuoo
    @abenzuoo 6 лет назад +3

    thats nice to pick up questions! And multiple explanation shown! Greetings from Finland.

    • @KrisKrohn
      @KrisKrohn  6 лет назад

      Hello there! Thanks for commenting!

  • @goldenchild_chosenone
    @goldenchild_chosenone Год назад

    Here's your permission card 😅

  • @LuisGonzalez-pq6zd
    @LuisGonzalez-pq6zd 3 года назад +1

    Great info, and wich bank do you recomend to work with?

  • @demamat
    @demamat 6 лет назад +2

    Great channel Chris, can you just tell me when you do a lease option and you finally sell the property do you pay off the mortgage? Thank you

  • @BrookeLynn-sr6vy
    @BrookeLynn-sr6vy Год назад

    Bought my first home in 2021 sold it and bought a bigger home in 2022. Now I cant stand the neighborhood so I wanna rent this one and buy one in a better part of town. Any thoughts?

  • @CodyDunlap
    @CodyDunlap 6 лет назад +1

    I actually bought my second home before my first home. Is that normal or am I just an idiot? Jk that’s impossible I tricked you!

  • @johnxero5722
    @johnxero5722 6 лет назад +3

    Im 18 and uh... Any suggestion on what job to get before getting started with real estate?

    • @jesse_4516
      @jesse_4516 6 лет назад +6

      John Xero a warehouse job!

    • @swaystar1235
      @swaystar1235 6 лет назад +3

      cryptocurrency miner

    • @abrahamsolano1536
      @abrahamsolano1536 6 лет назад

      Walmart Distribution Centers Starts Of Most Of Their Associates At 16.50-17.25 But Within Your First 6 Months You’ll Start To Get Raises, Give It A Shot

    • @Panda_J1
      @Panda_J1 6 лет назад +2

      trade field

    • @jakevb141
      @jakevb141 6 лет назад

      sales

  • @gersonescobar1178
    @gersonescobar1178 6 лет назад +5

    How do you pay for the 2nd and 3rd house while your waiting for them to get rented out by the rental property management?

    • @romeokawiwa4804
      @romeokawiwa4804 4 года назад +1

      I think the bank will see your equity size by that time

  • @themoneyteamsanchez3505
    @themoneyteamsanchez3505 3 года назад

    Yeahhhhhh righttttt, try buying multiple properties in Southern Cal ranging from 500k to 1mill each lmaoo…

  • @sitiq5429
    @sitiq5429 3 года назад +1

    Wow glad I found your RUclips channel. I have a house and rent it out for a year now. I also purchased a water access unimproved property where I will build a house on stilt in few years. I am planning to purchase a second home to rent it out too but had no idea where to start. Thank you. I will subscribe.

  • @jericodiaz
    @jericodiaz 8 месяцев назад

    Very informative
    I just learned something new lol

  • @warddd7878
    @warddd7878 6 лет назад +1

    what if the banks aren't that willing to loan money to students or people in their 20's just because of their lower income and lower savings though?

    • @KrisKrohn
      @KrisKrohn  6 лет назад +1

      You can build your credit first

    • @warcamp70
      @warcamp70 6 лет назад +2

      The banks don't care how old you are. One of my mentors started straight out of high school. He bought a duplex and the tenant next door paid for 90% of the mortgage. Great way to start. Don't buy a single family home like these guys advise.

    • @vivifyproductions9608
      @vivifyproductions9608 Год назад

      You gotta start working and have income proof, students shouldn't even think of buying yet, just not at that stage yet

  • @jolyalexandra4520
    @jolyalexandra4520 2 года назад

    why take your equity to buy another home and own from your first home

  • @isaacvalladares5633
    @isaacvalladares5633 6 лет назад +1

    Can you do a video about Tax lien investments

  • @TruthWatcherD
    @TruthWatcherD 3 года назад

    @Kris Krohn. If you had to start over from scratch and have only a small mortgage to work with. How and what would you do with it?

  • @miscsmisc2239
    @miscsmisc2239 3 года назад

    Dude really out here giving real estate advice in front a green screen house.

  • @tsiongelan4531
    @tsiongelan4531 Год назад

    Thank you !!!! I got the permission 😂

  • @anisharahul1439
    @anisharahul1439 6 лет назад

    Pls make videos on real property Prince pls like if a home costs $75000 how much can you really rent it or sell it for .

  • @ayersrealestate9204
    @ayersrealestate9204 3 года назад

    I am a couple weeks away from closing on my first home. It’s a single family home that I’ll use as my primary residence. I want to purchase a double right after closing. What does that process look like?

  • @jamericanrebel
    @jamericanrebel 2 года назад

    I bought my second house less than a year after buying the first. They also gave me twice the amount to buy my second property.

    • @lma8086
      @lma8086 2 года назад +1

      How you do that. I just bought mine last Novevember and thinking about the second one!

  • @devinh6541
    @devinh6541 6 лет назад +2

    If I buy a 200k house with 40k equity wouldn't it be worth 160k not 200k at the point because it's only worth what some one is willing to pay for it, and wouldn't the appraiser see that the house price dropped and just appraise the house for what I bought it at? Prob a stupid question but I'm just confused.

  • @emileds9339
    @emileds9339 4 года назад

    dont buy a second home you dont need a howle house for storage

  • @rubizavala610
    @rubizavala610 4 года назад

    Just got my first home renting back of the house. Hofully buying a townhouse or apartment end of 2021

    • @CaliberRealEstate
      @CaliberRealEstate 3 года назад

      That's amazing @rubi! Do you have plans to buy a second home?

  • @erichernandez6543
    @erichernandez6543 4 года назад

    Thanks for the video really helped! I do have a question. I been studying your material.and really like the lease option would you recommend me wait for equity to build get that loan purchase a second home or lease optioning my first home.right from the start?

  • @karisorrenti
    @karisorrenti 3 года назад

    What the heck is RIY and ROI

  • @elijahbarner9377
    @elijahbarner9377 2 года назад

    Great information. Thank you.

  • @gersonescobar1178
    @gersonescobar1178 6 лет назад

    Also even with the 15% equity. Is it okay to buy right now even though we're approaching the renewing cycle in my area? I don't want to buy when the markets on the way down.:/

    • @evanbrandsma
      @evanbrandsma 6 лет назад

      Gerson Escobar if it is a good enough deal it won't matter.

  • @jeffreymolina-j5c
    @jeffreymolina-j5c Год назад

    Great content🙏🏽

  • @mgproperties2957
    @mgproperties2957 3 года назад

    Great Job, this is really nice !

  • @drew6473
    @drew6473 2 года назад

    what is RIY?

  • @desert915
    @desert915 3 года назад

    Great way to b broke

  • @anisharahul1439
    @anisharahul1439 6 лет назад

    Pls talk about interest renting loan borrowing rec in video

  • @ErikaJoFArceo
    @ErikaJoFArceo 3 года назад

    Thanks for sharing this useful information!

  • @dngo1000
    @dngo1000 2 года назад

    Thankyou

  • @dylanjavorsky2874
    @dylanjavorsky2874 6 лет назад

    Hey Stephen I just bought my first home but I bought it at market value. I just found you guys and have now realized I should have bought with equity. I want to be a landlord. What should I do with my home now to get back on the right track.

    • @DDevianceth
      @DDevianceth 6 лет назад

      Dylan Javorsky split in 2, rent out half

    • @PennsylvaniaHomesforSale
      @PennsylvaniaHomesforSale 4 года назад

      @@DDevianceth can you split almost any house in 2 or does it have to be zoned?

  • @Phillipinewannabe
    @Phillipinewannabe 6 лет назад

    Kris&steve- limitless tv... js

  • @DMcLean1989
    @DMcLean1989 6 лет назад +6

    Hey guys. Loving the videos. I watch a couple of real estate channels on RUclips. Love the level that your videos are pitched, not aimed at people with $10m like GC or cheesey like meet kevin. Cheers from the UK!

  • @anisharahul1439
    @anisharahul1439 6 лет назад +1

    Make a video on what if you already own a property.should u take a loan for your next house???

  • @slimjesus8759
    @slimjesus8759 5 лет назад

    What is R.I.Y?

    • @harryl6274
      @harryl6274 4 года назад +1

      Sorry late (year) * typo, was meant to be R.O.I, rate if return

  • @dummylove86
    @dummylove86 6 лет назад +1

    Question: is it harder to get into real estate if you live in LA?

    • @Miguelg4u2
      @Miguelg4u2 6 лет назад

      Brian Sanchez yes

    • @dummylove86
      @dummylove86 6 лет назад

      Does that mean saving more money? For the downpayment and everything ese

    • @e.honchoo9596
      @e.honchoo9596 5 лет назад

      Brian Sanchez yea down payment should at least be 20 percent

  • @mikevandenheuvel7749
    @mikevandenheuvel7749 6 лет назад +1

    Im 14 what would you do and could you make a plan for me?? Btw i make around 2500 euros per year

    • @kevin_mckenzie8843
      @kevin_mckenzie8843 6 лет назад

      mike Heuvel invest in cryptocurrency

    • @evanbrandsma
      @evanbrandsma 6 лет назад

      I am 14 as well and I started a mowing business and went door to door to start it. I make nearly four times what you do. As I scoop snow burn and rake leaves and plant flowers in addition to mowing.

    • @TartarianTopG
      @TartarianTopG 6 лет назад +1

      Kevin_ McKenzie no

    • @mikevandenheuvel7749
      @mikevandenheuvel7749 6 лет назад

      @@evanbrandsma do you have to pay to the government cuz in the netherlands we do if we make 5500 euros and dollars arenot euros

    • @damianharynski2309
      @damianharynski2309 6 лет назад

      mike Heuvel bro what kind of business are you doing? I myself am 16 and a distributor for technology stores and seller on amazon

  • @alex630710
    @alex630710 6 лет назад +1

    worst advice ever. Clearly doesn t know about housing market crisis of 2008.