Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago on . Most recent reply

User Stats

46
Posts
7
Votes
Thoai Han
  • Real Estate Agent And Investor
  • Philadelphia, PA
7
Votes |
46
Posts

Rental Property Completed, I feel like it's not enough

Thoai Han
  • Real Estate Agent And Investor
  • Philadelphia, PA
Posted

Hello BP! My first rental unit is finally complete and I have two tenants in place. I own the property free and clear, but I am stuck on what decisions to do next. 

So I've came to these options.
- Should I purchase another property (D to C grade property), renovate it and bring both of these properties to the bank to shop for a good HELOC rate? (Which takes about 4 to 8 months depending on how life goes) Or...
-Should I wait to qualify for a mortgage and purchase a B to A grade property in a desirable area?
-Wait to qualify for a loan to purchase a commercial property 6 Units + Storefront 

I'm the first of my generation here, there's no one to ask for advice except the BP family. Any advice guys?

Most Popular Reply

User Stats

46
Posts
7
Votes
Thoai Han
  • Real Estate Agent And Investor
  • Philadelphia, PA
7
Votes |
46
Posts
Thoai Han
  • Real Estate Agent And Investor
  • Philadelphia, PA
Replied

@jennifer Its listed at 105k, Comps in the area are over 200k. I will check it out before submitting an offer of course lol. But lets say i tie it up for 105k and resell it at 150k i profit 45k and leave the end buyer "meat on the bone". Doing so, i secure my profit, the seller and agent is happy, and the end buyer has a great deal. I would do this to obtain capital to fund my next deal. If I had the capital I would love to keep it.  

Loading replies...