First rental advise, bucks county PA 200k to spend cash buyer

[Rich Tomlinson]

Hi happy new year!

Start off with a quick summary of my financials.

-26 years old single

-Income is a little over 100k a year.

-Own a single family 4 bdr house worth about 430k

- currently have montage knocked down to $125k

-rent 2 rooms bringing in $1250, mortgage=$1650

- no other debt loans or payments

I have Been chipping away at the mortgage heavily since I purchased the house in late 2016. I know most investors would advise other wise but for the moment this is my strategy. I’m in middle bucks county and once I get mortgage balance under 100k (which should be in May) my father will help me finance my first rental property and start building my portfolio after that. We have about 200k to spend and will be cash buyers. Looking for some input in bucks county for a cash flowing property. Most of the potentials I run don’t come close to the old school 1% in my area. Wondering if a foreclosure is a route to take being a cash buyer. Local buying agent welcome as well

Thanks in advance

-Rich

[Jeff Kobernus]

That works as well. Each investor has different ways of doing it. Only thing you would prepare for is typically the REFI process is not quite as easy as advertised simply meaning you often hear people pulling 90% out ect in my experience on an investment property that is not possible.  Ion a rental the most you would get is 70% out so just keep that in mind.

Best of luck!