How to buy first renter property

Question

Refinancing my home have about 70,000 in equity wanting to buy first rental property but not sure what type of property to buy and what type of financing options are available any advice would be helpful

Jay Mersfelder · Answer

@Jody Sperling

Can you tell me more about fundandgrow that you mentioned to me. I just bought a s.f.h to rent wanted a triplex or duplex but none was available at time now like two or three are on market..really like to be able to purchase one and was wondering if that is good option to try

Thanks.

Jody Sperling · Answer

If you know you can profit, and you trust yourself to pay off loans, you can use this service. Used responsibly, it's a massive wealth accelerator. Used inappropriately, it could shove you into bankruptcy. But I suppose that's the risk of working with other people's money.

https://www.fundandgrow.com/si...

Jay Mersfelder · Answer

@Jody Sperling sorry guess I was tired and over thinking all this last night..I did do Heloc on my house. Just not sure what type of property to try and purchase. I'm looking at a place that in good area but needs alot of work.. If I need additional money what type of loan would be available if it needs rehabbing

Jody Sperling · Answer

@Jay Mersfelder, I think maybe it's late here, but I'm having trouble understanding what you are saying here. I'd love to help any way I can, so do please let me know what you're hoping to achieve, and I'll share however I'm able.

Jay Mersfelder · Answer

@Jody Sperling thanks for advice it is a Heloc loan on house.. Just not sure my options of purchase that I'll be making sense it's only about 60,000 looking at a run down place in nice area hoping maybe I can make a deal on it.. Can I make them and after even if my Heloc not fully complete the bank came and did appraisal today any info would be much appreciated

Jody Sperling · Answer

You should absolutely check out a HELOC (Home Equity Line Of Credit) before refinancing. The cost of a HELOC is many thousands of dollars cheaper, the revolving line of credit continues to give and give as you pay it down, whereas a mortgage is cash locked in, and you should be able to get access to about the same amount if not a little more with a HELOC.

If you refinance, you'll ensure that any equity you paid in your current property is locked in at interest rates as high as 30% or more. Banks don't offer that information, but look at an amortization schedule. Every time you refinance, you give away money. Lots of it.