Need some advice! - NOVA Market specific
Hey everyone!
I'm trying to get some insight on what I should do with my next real estate move
Current situation:
I just bought my perm residence a few months back, I put 15% downpayment, will have 20% by next year.
I am looking to see how I can get a new rental property.
Choices:
1 - Refiannce on the new property and use money to make a downpayment on a new property
2 - Save up 20% for a new property
3 - Try to quliafy for FHA loan
I am wondering mainly in NOVA because our market is tapped out, is it even a good time to buy right now when everyone is saying the bubble will burst? With the market prices so high, making any money off of rent to pay for the mortgage is either break even or make $100 or so, so is that even worth the risk?
I see a lot of people use the BRRR strategy but I just don't know if it really works in our area.
I was thinking of looking outside of the NOVA market and maybe go though MD etc but I don' t know the area as well and do not have partners etc in those popular areas of interest like Bmore.
Any advice would be much appreciated!
Jimmy