Posted by Michael Dolan on October 20, 2006 at 12:25:37:
Probably the one where you do one loan because of lower transaction costs.
It might make sense to get a first position line of credit on the first house if the rent revenue is strong
Purchase financing - Posted by Ron Katz
Posted by Ron Katz on October 20, 2006 at 07:53:33:
I am a partner in a general partnership which owns a house with NO Mortgage. We are looking at a office building for purchase. What is the best way to finance this purchase using our current property
- Take a mortgage on first property for the down payment and then take a mortgage on the second property for the remainder
OR - Take a mortgage on the first property for the amount to make 100% purchase the second property
Re: Purchase financing - Posted by Shaun
Posted by Shaun on October 20, 2006 at 10:01:02:
It will depend on interest rates and closing costs. I would way it all out and see which way works best.