Zillow Advice: Buying Process - Interested in buying a second home. http://www.zillow.com/advice-thread/Interested-in-buying-a-second-home/417927/ Zillow Advice | Zillow Real Estate It's a great time to buy ... http://www.zillow.com/advice-thread/Interested-in-buying-a-second-home/417927/ It's a great time to buy investment property and having a good lender to assist you through the process is an important factor. I would also recommend you have a good accountant to advise you of any adverse outcomes with relation to other homes owned, use of funds, and how to structure protection of your assets. Careful preparation makes for a better investment:-)<br/> Mon, 03 Oct 2011 19:32:00 GMT http://www.zillow.com/advice-thread/Interested-in-buying-a-second-home/417927/ 2011-10-03T19:32:00Z The first thing to do is ... http://www.zillow.com/advice-thread/Interested-in-buying-a-second-home/417927/ <strong>The first thing to do is to see a good lender. (One that does loans in the area where you're interested in buying)<br/>This will help you determine how much home you can afford and you can shop with confidence. In many places, like SW Florida, it makes sense to buy right now while the prices are bouncing on the bottom so you can take advantage of a great buy.<br/>Interest rates on a second home are usually about 1% higher.<br/>&nbsp;(1 point)<br/> Since rates are so low anyway, this should not concern you too much. Good Luck and have fun getting that second home. See SW Florida since that is an area that offers great weather, a fun place to visit and good long-term up-side potential.<br/>Bill</strong> Mon, 03 Oct 2011 19:14:00 GMT http://www.zillow.com/advice-thread/Interested-in-buying-a-second-home/417927/ 2011-10-03T19:14:00Z Ditto- Deborah said it ... http://www.zillow.com/advice-thread/Interested-in-buying-a-second-home/417927/ Ditto- Deborah said it perfectly. Mon, 03 Oct 2011 18:02:00 GMT http://www.zillow.com/advice-thread/Interested-in-buying-a-second-home/417927/ 2011-10-03T18:02:00Z You would have to qualify ... http://www.zillow.com/advice-thread/Interested-in-buying-a-second-home/417927/ You would have to qualify for both mortgage payments (principal, interest, taxes and insurance) and have six months reserves (retirement funds can be used as reserves). &nbsp;Otherwise, buying a second home is pretty straight forward. Mon, 03 Oct 2011 16:51:00 GMT http://www.zillow.com/advice-thread/Interested-in-buying-a-second-home/417927/ 2011-10-03T16:51:00Z