Hello,
DW and I are preparing to buy another home. Our credit, income, and DTI gives us plenty of room to take on another mortgage. We currently have and live in a duplex. I want to eventually build up a little portfolio of a few income properties so that we can semi-retire a bit earlier!
My strategy is to buy another 2-3 family home in the coming months for up to 150k. In the fall of 2018, I will gain eligibility for a VA loan, which we will use to buy our permanent, single family home.
We do plan to move into one unit of this next house until 2018-19, so we should be able to get a traditional mortgage.
Our current home has a mortgage of 84k with an approximate value of 120k. We currently are able to put about 10k down.
Should we pay PMI on the next house or should we tap our current home's equity and go fully conventional?
Lastly, i'd eventually want to put both of the houses under an LLC to protect us. Anyone have any experience with that process? Can I buy this second home with an LLC and still get a traditional owner occupied mortgage?
Can anyone give any other advice on how to pursue this strategy or suggest a lender who is good with these types of purchases?
Thanks.
