Updated almost 11 years ago on . Most recent reply
HELP!! Wondering where to go from here.
Ok I am new to BP and am wondering on some information in how to move on from the standpoint I am at. I just recently bought a 2 bedroom house for less than 50% arv. House needed a little bit of work mostly labor not much for materials and I have 10+ years experience as a contractor I am doing the work myself. I originally bought the house to flip for a profit, but am now leaning towards holding and renting. The house is free and clear of any loans, do I finance a mortgage to use a bigger lump sum to purchase another house and use the rent from this to make the payment, or just collect the rent and save it and purchase another rental in a few years. I posted in another thread earlier I did just buy a 3 plex with seller financing and close on that deal In a couple weeks. What is the best approach. I also still have a full time job and do this on the side. Banks prefer you to have an actual job over just having rentals for financing don't they?