Updated almost 10 years ago on . Most recent reply
Beginner investor from central Jersry!
Hey BP,
I'm new here and trying to learn as much as possible, so this is my second post.
I currently own a townhouse that I plan on moving out of this fall and renting it to my current roommate so I can work on finding a great deal and do a live in rehab(I can move in with the parents for a little while). My plan is to get a conventional 5% mortgage (or FHA) for this next purchase and possible 1 more after that before I have to start putting down 20% on investment properties. Have you ever heard of that working for anyone before?
My current townhouse is only figured to cash flow about $40 a month. I've been here about 4 years and have about 30k in equity and it's projected to appreciate more in the next couple years so I want to keep it. Would it be a good idea to use a HELOC for either the purchase or the rehab?