Updated almost 8 years ago on . Most recent reply
The first step into rentals.
Hello everyone,
So my wife and I are planning on buying a new home for ourselves and keeping our old home to rent out but we want to push really hard for the next 10years to build a portfolio. We are looking to start strong so here is my question for everyone.
We want to take some of our down payment to remodel the master bath and master bedroom so we can get the house appraised. I know it will appraise at a higher price because we have fully updated besides the two rooms I just mentioned plus a new roof in 2016. After that we would like to take the equity and use it for a down payment on an additional rental all under our LLC of course. At that point if it all works out we would own 2 rentals plus our own house which after a year will become a rental as well.
What are your thoughts? We can take criticism so dish it out for us people.