What if you could have bought another property on the same street as your current home, at the same time that you bought your current home? What if you had bought it, rented it out, and just now decided to sell it? If your current home is worth a million today and you owe 400 thousand on the mortgage, would it be fair to say that you would walk away with about 600 thousand dollars in equity from this second property? – Why Would You Want To Purchase A Second Property
Why Purchase A Second Property
You own your own home for about 10 years or so now. Your family is growing and your household income is around the 150 thousand dollars per year (or more). Your property is worth about a million and you owe about 400 thousand on your mortgage. Life is really good.
You have been hearing a lot about getting another property. But why? What’s the point? Why would you want to purchase a Second Property? Life is good the way it is! Things are going well, life is good, but could things be going better? The 150 thousand dollars per year that you and your spouse are bringing in, how many hours of your life are you trading in for it every single month?
What would happen to your income if you cut back the hours of work, to spend more time doing the things that you love, or with your family? You’re probably thinking “yeah well I love my job, or I need to work in order to enjoy these things and be able to provide for my family”
What if you could have bought another property on the same street as your current home, at the same time that you bought your current home? What if you had bought it, rented it out, and just now decided to sell it? If your current home is worth a million today and you owe 400 thousand on the mortgage, would it be fair to say that you would walk away with about 600 thousand dollars in equity from this second property?
What would your life look like today if you had an extra 600 thousand dollars in the bank? I get it, back then you could barely afford to come up with the money and qualify for the home that you are in now, let alone another property – but it’s different now.
You have some equity in your current place to put towards the down payment of another property, and we can use the rental income from the new property, or projected rental income based on market comparables. Together with your current income, you will be able to qualify for the mortgage to purchase this property, and you can rent it out.
There’s a bit more to it than that, and we go over more detail in our One Property Away Webinar, that you can sign up for. Or, if you are interested in having your personal situation assessed or have some more questions, feel free to reach out for your free no obligation consultation – (778) 233-2377.
