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Updated over 9 years ago on . Most recent reply

User Stats

6
Posts
3
Votes
Ron Mill
  • Washington, DC
3
Votes |
6
Posts

Head Start in DC

Ron Mill
  • Washington, DC
Posted
I live in a one bdrm one btrm condo which is owned outright by my wife and I. The plan is to purchase a larger permanent residence due to an addition to our family (little one on the way). Once we move into our new home we will begin our RE investment journey by making the condo our first rental property. In this area, rent will be 1k+ per month. My current job will provide the income needed to have the down payment and closing costs for an additional rental property in the same year of our home purchase. My question is, should we mortgage the debt free condo and use the cash to make down payments on multiple properties for quicker acquisitions or... Use my personal cash to make down payments at a slower rate? I don't want to take on too much too early but I also don't want to let opportunities pass while I have the leverage. Please help

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