Im looking to get into real estate investing. I purchased my condo for 120,000 with 100% finanacing.?

Ive lived here for one year and six months. My payments are 940 plus 200 mait. fee. I want to buy investment property, either to fix and sell, or buy and rent. My question is, how do i get financed for this second home? Im looking into FHA loans....any advice...mikemassucci@yahoo.com

Unless you have immaculate credit, it will be difficult to finance an investment property. The numbers that will be of interest to a mortgage holder will be your debt to income ratio, not what you pay on your current mortgage.

Your first step will be to talk to your banker and/or a mortgage broker about your plans and see what amount you can be approved for. FHA loans won't be an option for investment property. Also, you will not be able to do 100% financing in this market, especially for an investment, so expect to be required to put at least 20% down.

Then you will need to have a plan for this investment property. Will you rent it out, or some type of rent-to-own? Do you know the laws and regulations for Landlords in your area?

You have many things to consider, so take it slow and do your homework. Good luck!

first step go to a mortgage broker and get preapproved for the second home.
second step call a realtor..if you are in MA, you can call me!

FHA won't work for non owner occupied properties. You'll need to contact a trusted mortgage broker to look for loans for investment properties. Wells Fargo has good terms for investment property loans. Also try doing a search for "hard money loans" for the fix and sell properties.

Consolidate the first mortgage with a second mortgage if the finance company you initial used for the $120k is able to do this this way you will minimise the interest rate making it slightly more affordable in the long run, you may have to wait until the first mortgage matures though. You may also want to approach a mortgage broker and consolidate both with them, this alternative will cost you slightly more.

Sorry Charlie....er Mike. No FHA on investment properties. and no 100% financing on investments either. Welcome to the credit crunch come on in the water is warm. For the company I work for if you want an investment property you need 10% down.