Updated almost 8 years ago on . Most recent reply
Looking to buy first rental property
Hi,
My parents are looking to sell their house in Arizona and move back to upstate New York. I figured this might be a good time to help get them their first rental property. The house appraised for 315k and they owe 199k with a $1,200 a month mortgage.. I have several people interested in renting the home for $1,900 a month. I have done some research on the BRRRR strategy and I am still trying to wrap my head around how to get a loan for the next property. Is it possible to refinance at a low interest rate? Or would it be better to take out equity for this particular opportunity? Any advice would be greatly appreciated! Do not want to let this opportunity slip by. :)
Thank you,
Michael
Most Popular Reply
@Michael Rankert It looks like a good lender consultation could answer many of the questions. How strong are the parents, what is their ability to purchase the next house, what liquid capital do they have available, how much risk are they willing to accept?
The overall concept looks solid and definitely worth exploring! As an AZ Property Manager, I see many clients develop wealth via real estate and encourage you to explore this option.
Always happy to answer questions regarding the process, the property, the rental etc.
PS: Make sure the tenants are screened really well!!