Wondering if my good idea is actually one at all
So I want to ask a few things and this might get a little long. So I have my second deal coming along. Well in all reality it will be my first. I like to consider our first Forclosed home that we fixed up and now have a ton of equity in as my first. That's what got me really interested in real estate. Anyway I have an off market deal coming up. This particular house does not really meet the criteria I have set for myself for the type of house I'm looking to buy and hold. On the other hand this is a premium peice of property. In a very good neighborhood. I will have the down payment on this property by the time the owner will move. My questions and concerns are as follows I see a lot of properties going up around me that are very good deals , i think, that generally meet about the 2%. I feel like I'm missing out on the action around here. I'm just ready to make a move. Would you suggest taking out the equity in my home to purchase around 3 houses that are close to turn key, obviously putting up a reserve for each house. I was thinking about 5 thousand for each house. Does that sound good? Do you feel I am jumping in to fast going from no rentals to a few. Should I save my HELOC for the very last option. I feel I have a good understanding of what I need to do. What are some other things to consider from your POV that a novice can't see yet. I plan on using the calculators to do some research and present my work to my wife this weekend over dinner. All feedback is really and greatly appreciated. Thank you all!!!