- Joined
- Jul 25, 2017
- Messages
- 13
Hello,
I own one rental property (its going great!) and I am about to buy a second one. However, I still pay rent for the house i live in(it belongs to my friend so I pay cheap rent).
Now, I believe that after I buy this second property, I will be at my limit in terms of borrowing money for another mortgage. Does this mean I will not be able to buy a property for myself to live in until I sell one of my rental properties? Is there a way around this? How can people own 5+ properties?
Any thoughts/suggestions will help.
Thank you,
I own one rental property (its going great!) and I am about to buy a second one. However, I still pay rent for the house i live in(it belongs to my friend so I pay cheap rent).
Now, I believe that after I buy this second property, I will be at my limit in terms of borrowing money for another mortgage. Does this mean I will not be able to buy a property for myself to live in until I sell one of my rental properties? Is there a way around this? How can people own 5+ properties?
Any thoughts/suggestions will help.
Thank you,