Buying A Home
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Best way to buy a 2nd home? Mortage or Home Equity Loans? Helocs?
So I didn't qualify for a home mortgage the first time BUT was able to purchase a rental property instead.
A year from now, I would like to purchase a home to actually live in.
What is the best way to go about this? I am self-employed and didn't even qualify fora $500k home with 50% down. I did however qualify for a $800k loan on an investment property with 30% down. (funny right?).
Currently, I owe about 350k on the rental. I should have steady income from this 4 unit apartment. Let's say around 6k a month and the mortgage on this rental is 2k a month.
What would be the best way to purchase the 2nd property? Would I qualify for a loan now?
Looking at a 450-550k property.
I can do 30% down.
Another option is to buy my sister's place. What would be the best way to purchase her house? Have her add me to the title and refinance later? Give her cash for the difference?