what would you do with 40k??

3 Replies

i plan to spend the next 3 months renovating a property that is gifted to me. the title is free and clear and the deed is recorded. comps should come in at around 50k. we are talking a relatively small row home in philadelphia. there a whole bunch of them! but im wondering how the note on my primary residence will prevent me from borrowing moving forward? will my ratios be scrutinized regardless of what i have in equity???

so how to access a homes equity if your primary residence's mortgage will challenge your debt to income ratios? even if i rented the property and i can prove i collect 700 a month in rental income, i need to show a couple years of rental history to use that income?

the plan is to amass a couple rental properties over the next couple years. i dont make alot of money but i will have equity after this first deal is closed

Originally posted by Sam Jones:
I would take the 40k, split it into (3) 25% down payments on high ROI (>15%) properties in NC/SC/Indy. Then I would rinse & repeat.

Do you have exact areas in NC? Which cities? I am just curious where an investor from across the country would look to in my backyard.

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