two mortgages

it all depends on your financial situation. If the bank thinks you can swing carrying two mortgages, it shouldn't be a problem.

2nd mortgage would be at investment property rates, unless you decide to live in the 2nd closed apt... the banks may still nail you though.

How more are investment property rates?

Banks will probably let you lever up to housing costs (mortgages property taxes maintenance) to 45% of income.

"Income" in this case means salary, not salary plus bonus. If you can get a lease signed on the first place, bank will count 75% of your incoming rents as additional income.

In addition to the signed lease, bank may want to see that renter has given you both a first month's rent check and a security deposit check, and that you've deposited them both and that they have cleared.

My guess is that your second loan would be at around 8%.

ali r.
{downtown broker}

goolsbee how do you know 914 sold for $870K...