Getting started with real estate

[Lahiru S Hettiarachchi Gamage]

Hello everyone,

I work with a 50% partner (my friend) on real estate deals. We got our first property, a condo, last year for $174K and spent around $12K on renovations, which we did ourselves. We have rented it out for $1650. Currently negative cashflow due to $400/mo HOA fees, maintenance, etc.

Now we are looking to buy our second property with cash. We are planning to tap into the equity in our homes with HLOC. The plan is to get a discount and then go for a mortgage. Any feedback is appreciated.

Thanks.

[Julio Gonzalez]

Hi Lahiru, you came to the right place for information.

Wishing you the best and plenty of success!