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BlogsSomething for CharlotteAdditional

Posted about 14 years ago

Additional

If my credit supports it, here's what I'm thinking of doing. 
1. Purchase as many properties as I can with 30%-down mortgages. 
2. There will come a point at which my bank will say, "Your credit will not support an additional mortgage," at which time I'll buy the remaining properties in cash. 
3. Wait 3-6 months, cash-out refinance the properties that I bought in cash, and buy more properties.

Comments (3)

  1. "buying a property and renting it out to pay the mortgage (and make a profit, one hopes)." Nobody loans money to people who "hope" to make money. You have to have a plan and KNOW you are going to make money. You KNOW it because; you know the rents in the area, know the expenses and all the hidden costs of owning rentals, know the comparables, know the repairs needed to bring it up to rent ready, know the vacancy rate in the area, etc etc. Your general plan is a time tested way to become wealthy. But the devil is in the details. You can learn a lot of those details here. Buy that first property. You will learn a ton from your first property. With that experience you can move forward in a more intelligent fashion.

    Ned Carey, about 14 years ago


  2. I'm looking for single-family units, preferably without HOA fees. The only major problem at the moment is that the banks I've consulted appear not to understand the concept of "Buy to Let", a.k.a. buying a property and renting it out to pay the mortgage (and make a profit, one hopes).

    Hugo R., about 14 years ago


  3. Hugo - What is the plan though? What kind of properties are you looking to buy? What is the exit strategy? I'm not sure what kind of feedback you're looking for, but I think we need more . . .

    Joshua D., about 14 years ago