Hey all, I'm a newbie to this place and just wanted to see what you're thoughts on this are.
A little background, I purchased 2 duplex's both with no money down. We are cash flowing about $700 per month from 1 and $400 per month from another.
I have the means to put money down on properties but just thought it was too be good to be true. Should I continue with this strategy or put money down in the future?
I bought these with no background, I just jumped in and went for it based off knowledge of my area. about a week ago discovered bigger pockets info and I'm diving in educating myself!
Thanks for the responses.
@Chad Chiles , er, obviously our thoughts are: Congrats.
Q. Who let you buy 2 Duplexes with none of your own money?
(Unless you just mean you took out a HELOC on your primary? In which case our answer is: Of course that's the way to get ahead. Much quicker than saving).
Welcome to BP. Tell us more. Cheers...
Welcome to the bigger pockets family! and that amazing congratulations. How did you get them no money down? my thoughts on this are..... its more aggressive strategy to go with no money down because no you have money to put towards another deal. If you want better cash flow and "security" I recommend putting down a larger down payment. It will decrease your mortgage payment increasing cashflow. And you will have the loan payed off quicker due to more upfront funds you put into the deal. There is no right or wrong way. Just depends on what your trying to do.
keep up the great work
@Brent Coombs My local bank lender who I've built a good relationship with over the years.
He has a pretty good handle on what our market is for rental properties in our area.
We had to do some fixing on the first property and now have a good amount of equity built into that. We could sell it and make double what we have into it if we wanted to. WE GOT REALLY LUCKY ON DUPLEX #1.