Snowballing rentals to buy more Rental's
hi everyone this site has been great. I have learned soo much in a few days.
I saw this yesterday and wanted to ask. Snowballing my investments is it a great idea? I want 4-5 rentals. and having 2-3 paid off would help. I'm in it for the long hual but dont want to carry debt for so long. thanks. Also is there anywhere someone can point me to on how to prepare to ask for funding. The best banks for new investors or is a broker better for a first timer? Thanks again.
Most Popular Reply
I'm not sure I can answer your questions on the banks, but for me I went to all of my local banks and introduced myself and opened accounts there to begin relationships.
Right now, I have loans with 2 banks, had 3, but refinanced.
I think different people will answer your question on debt differently. For me, 10 years ago I would have said pay off all your debt first then move on...now I'd say debt is ok.
Rates are the lowest I've seen in awhile. If you wait to pay off current debt, you rates may be twice as high in 5+ years. I have used debt to buy more properties and am not afraid to refinance or leverage. I've used personal and retirement vehicles to purchase investments.
At the end of the day...you need to be comfortable with your strategy.