Updated over 12 years ago on . Most recent reply
Hello from northern NY!
Hello all! I just joined BP after having read many great posts over the last few days. I'm in a bit of a jam and I'm looking for good, smart ways to move forward. I know it won't be easy.
In 2011 I purchased a duplex (two 2bdm) for my family, to be used as our primary residence, and so we could care for my aging, disabled, mother-in-law. I made the purchase using my V.A. benefit and financed 100% of the purchase. After a year of ownership, my Wife is getting claustrophobic in our 2bdm unit, and has started to dream of a bigger place. Two problems, we have zero equity, and my mother-in-law cannot pay rent (social security income only, medical bills, etc.).
Mother-in-law does however qualify for assistance under section 8 if she were to rent a place within the City of Plattsburgh, but I'm still learning how that might work. If we were to purchase a second duplex (within the city limits), she could use her section 8 assistance to rent a unit, freeing up our existing 2nd unit for a paying tenant.
In the near future we'd like to have at least two rental properties and a home of our own, if I can find a way. I can't borrow against my duplex yet, saving for a 20% down payment is very slow going. It's looking like some creative investing/financing is in order, which I hope to learn from you all.
Thanks for reading!
Eric