Throwaway cause reasons. Hello /r/RealEstate! I'm in an interesting situation…. I have been a fastidious saver for the past several years. Over that time, the investments I have made have done surprisingly well, and I have managed to accumulate just over $100k in usable(non-retirement) funds. I am not confident my current investment strategy will hold out(high risk), however, and as such am on the verge of cashing out and moving it into a safer investment alternative; namely, real estate. Last year, my spouse and I bought our first home together, paying just 5% down due to myself and my spouse wanting to contribute equal amounts(we are unmarried). The houses current valuation adds a bit to our equity, but we are not quite at 20% owned yet(mortgage of ~300k). I have no other debts, pay my credit card in full every month, etc. I now would like to purchase a second home with this capital, but I live in a relatively high COL area, so the real estate that I am looking at is minimum 400k. I make ~55k a year, my spouse ~70k a year, though I would likely purchase the home myself rather than as a couple(since the money is mine). I haven't been able to bump my credit score higher since before buying the house(690, not sure why I can't get over 700), spouse credit score of 740(not sure it matters though if I wanna buy without her). I am not sure if it is even worth a loan officers time though, seeing as I only have ~25% for a down payment, but thats why I'm here. Am I crazy for even considering this?
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