Loan for investment property.?

If I have a house with no morgage worth about 750K, and about 250K to put down on an investment property, BUT have no income, will I be able to borrow a further 250K from a bank to buy a 500k Investment property?

of course.

you have 750k equity in your residence so you could actually get, say 6 more 500K properties, depending on their cash flow.

i based this on a 25% DP per property.

having said that, quality rules quantity but if you take a mortgage on your first and cash otu 250K then you can deduct interest from your residence and offset on your investments. if you want or need 50% DP to reduce interest for cash flow purposes, then just get the 2 properties.

just dont leverage too far since you dont have income.... if you have 250K cash and 750K equity in your house, though, that should be plenty to give yourself an income if you maek good investmentss.

If you don't have income , why would any body loan you 250K?.. How will you pay them back?.... So you have to show some income to enable the banker give you the loan and be sure that you can pay them back, you may want to leverage on your existing property and show that you get some revenue on it to pay off the loan.

I sincerely doubt it. How are you going to make repayments on a $250K loan?

Your only chance would be to rent the property out at a monthly rent that will cover the loan repayments. I don't know where the house is, or what interest rates are like where you live, but for example, if your repayments were $1200 per month, you'd need to charge at least that amount in rent to cover the mortgage. This may or may not be possible depending on the location of the property and the average rental returns in the area.