Need advice from more seasoned investors rentals
Hello all from Florida!!
I am asking for direction from more seasoned folks than myself. I would like to give a snapshot of my holdings so folks can give advice/thoughts:
Home 1: Rental MOBILE HOME Paid 60k older on 2 acres very close to me. Bad: 8.8% interest!! Good: Payment $650 per month rents for $975 Owe 46k Value 80k
Home 2: SFH Balance due 107K Jacksonville, Fl. Rate:4.375 Payment $900 month rents for $1150 Owe 107k Value 150k
Home 3: SFH Balance due 72k Lake City, Fl. Rate 5.5 5/1 ARM Payment 900 month rents for $1150 Value $110k
Possible Home 4: SFR would owe 60k Rate 5.5 5/1 ARM Payment $550 month rents for $950 month Good: House needs about 15k upgrade but current tennants. ARV 145K. Would have total into property without 15k upgrade 81K.
Overall bad: If I buy home 4 I will use 21k in HELOC from primary and only reserve is 25k left in HELOC
Yes aggressive but any thoughts?? Is this a bad idea/good idea? Did I just plant trees and have to wait now?
Thank you for your time...............P.