Updated about 10 years ago on . Most recent reply
How can I buy more house with 5 free and clear rental properties?
I live in Phoenix AZ. I bought 5 rental properties few years before when the market at bottom. I paid $40k for each. they are all free and clear now. the comp show $100k average for each house. I rent it at $850 each. I quited my job since I bought the properties. last week, I went to Wells Fargo to see if I can get some Line of Credit out to buy some more rental properties, but they said no to me. what should I do now? any opinion will be appreciate!
Thx
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
Bummer you quit last week. It is probably still possible to refi, but at what terms? When I quit and moved up to WA in '02 to start investing I secured my HELOC right before I left. Funny there wasn't a question on any of the applications about whether you planned to continue working. You could have applied 6 weeks ago and got them refi'd no problem I bet ya. Sorry this info won't help you, but it may help someone else.
Congrats on buying when no one else was and having 5 free and clear places @Sky Lin! Not many of us can say that. Please keep us posted on your progress!