Own 2 places right now, 1 rented out cheap with a self maintenance deal to family, pays the taxes on both plus a little, and the other we live in. No debt, no credit, not much cash saved for any down payments..
I could probably invest $1k-$2k per month right now..
Where do I start?
Girlfriend has a lot of hospitality experience and we are kindof kicking around the idea of a place we saw..
it has a house on it we could live in plus 6 small apartment rentals, some occupied, $130k, bank says $800 something a month and around $35k down.. It's like a motel with a few long term occupancies..
So we could move out of the one we live in now and get around $500 a month rent out of it, use it as collateral for the down payment, and have a go at it?
What sorts of things on the business and legal end do I have to consider buying something like that?
Sounds like a decent scheme no?