Updated about 4 years ago on . Most recent reply
Homeowner to Investor - INDIANAPOLIS
Hello all,
I currently own, live in, and rent out spare bedrooms in a single family house. Owned the property for 1.5 years. My plan is to buy 1-2 more SFH's in the area. What are the best ways to approach this? I have multiple (jumbled) ideas below:
- Wait until I have owned property for 2 years, sell it and use 1031 to reinvest gains into additional properties.
- Refinance / cash-out refinance to pull equity out of current home, in order to leverage cash for new deals.
- Keep current house and partner with private lender to help buy an additional property
All of the above scenarios are assuming I need to put 20% down because I can't get a loan without putting that much down for an "investment property". I understand I could always find a PML (or similar) to loan me the money with different terms.
Any and all advice is appreciated! Currently 24 yrs old and want to have 10 doors by age 30!
Zach