Updated over 7 years ago on . Most recent reply
Funding 1st purchase
I recently took possession of a property that was left to me by my mother. It's in the New Orleans area so it was completely refurbished in 2008. My brother and I own it free and clear. I currently have tenants in the property and have kind of fell into being a landlord. Needless to say I've got the REI bug now. Through some research I've found a few properties in the area that potentially could have monthly cash flow of 8-11% cash on cash ROI. that' just numbers I got from what I've learned here on BP and using the tools provided. I'm wondering if it would be feasible to use Private Lender, Credit Cards or Hard Money as a down payment on another property and after 6mos to a year do a refi pay off the initial investment and let the tenants pay the mortgage. What say you BP members is this a reasonable strategy? What could be potential negatives with this moving forward?