Posts: 30
Joined: 21 Oct 2012
Location: south carolina
Thanks old guy, i like all the pointers. Probably going to go with having a cash flow. Those houses you are describing go from 60-120k or even more. I wont be able to buy more that 40k. I bought a 3 bed 2 bath 1200squ. foot as my primary res. for 2 years and sold it at market value last year for a descent profit. I used a rural dev. loan though which allowed me to move in for free, with no closing cost or downpayment. now i have to put 20 percent down on anything. Is there another way to get 0 down financing on investments now?
Sat Sep 28, 2013 10:43 am
oldguy Senior Member
Cash: $ 749.25
Posts: 3643
Joined: 21 May 2006
Location: arizona
quote: I bought a 3 bed 2 bath 1200squ. foot as my primary res. for 2 years and sold it at market value last year for a descent profit.
Seems like that would have been a keeper, how comeyou sold it?
But since you did, why not use that profit for the next rental? IMO, you'll need $80k to $100k houses to build up a nice group of rentals, those railroad shacks are going to cost money, they lose money when you sell, and they are money pits while you own them.
quote: now i have to put 20 percent down on anything. Is there another way to get 0 down financing on investments now?
Yes. Refi your residence, use that money to make the DP - you'll be buying the rental without adding any new money.
