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lynnmatic52

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shoulde I buy a Rental Cottage
i have a mortgage on the house i live in . Can i get a 2nd mortgage for a rental house

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Top Contributor
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If your score is good

And you have the cash on hand for a substantial down payment then you could go for it. 

Also realize that as a landlord you should keep several thousand in reserves for anything that might come up with the property. As the property owner you will not be able to "put off" any needed repairs. 

My rule of thumb is 10% of the value of the property or a years worth of mortgage payments in readily  available cash. 

Do your numbers and talk with a mortgage specialist at your bank. 

Good luck. 

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