Updated about 1 year ago on . Most recent reply
Should I go for it
So I recently just purchased my first rental property. It's owned free and clear no debt but has taxed my expendable capital. I have an opportunity with an investor willing to invest in my rental business for another potential rental. House would purchase for 30k I'm a contractor as well reno for 25k - 30k so 55k- 60k total investment and property value of 100k after reno. With the investment partner and equity in my recently purchased rental I'm hoping to put 15 - 20k down on purchase. So financing 35 - 40k. I'm new to this and I'm not sure if there is enough return on this with financing involved. What type of financing options are best for this strategy? Is renting a financed single family worth it? Rent in my area a 2 bed 1 bath like this would go for around 1,000/mo. Again I'm new to this and it seems like a no brainer but usually to good to be true is exactly that.