Gemilo Resaba's Advice

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Gemilo Resaba wrote:

Getting 2 mortgages? can a 1st time buyer
I am a 1st time home buyer. the prices in saint louis seemed to be really depressed from a few years ago, but the rent market is holding steady. I am deciding between a nice single house for myself and a duplex with great renting potential. they are both in very nice areas and I am afraid something like them wont be available for awhile.  How would the bank respond if I got a mortgage? The total cost including mortgage and property tax  etc for the single is about a 1/4 of my monthly income, the total cost for the duplex is about the same, but if I got both sides rented out, it would pay for the mortgage (ive done the research on the rental market and did the math). Would the bank loan me money toward this investment, or will it say you already have a mortgage and wont give me the cash?would it be possible to get a 2nd mortgage as an investment considering the other place could at least pay for itself?Thanks
April 23 2011
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