Updated over 15 years ago on . Most recent reply
Newbie investor - need advice
Hi all! Just came across this site and am hoping to get some advise and expertise.
I'm looking to begin a portfolio of rental properties in the US. As a Canadian with my credit history all in Canada, I have limited financing options, but it looks like it can be done.
However, I've recently been looking at properties and found a short sale for 115k - cash only, which would tie up all my cash.
After all expenses and with a modest rental price, ROI is 4.5%. I'm banking more on the property price going up in the next 3-5 years. Currently the next cheapest property in the area is going for 131k, and similar properties within the last year sold for 150k-190k, but the market in this area has recently been hit hard.
I also need to find out if I can get cash out of the home to buy another property easily or not.
Thoughts on this? Would appreciate opinions.
Thanks & happy new year!