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All Forum Posts by: Brad Tull

Brad Tull has started 1 posts and replied 2 times.

Out of State Investing

Post: First time rental

Brad TullPosted
  • Posts 2
  • Votes 8
Quote from @Nicholas L.:

@Brad Tull

if you're buying entirely with borrowed money it will be extremely difficult to be profitable even in the long term. especially if you're saying you'll use a HELOC - HELOC money is expensive money.  during the draw period (typically) you won't even be paying down principal unless you make extra payments.

so unless you have cash i would wait.  but let me know if i'm missing something

 That was the plan, and honestly my current mortgage is less than 1300/m so with the increase it is maybe double that, which I can deal with. If you have other options that you know of let me know. I have some cash but would prefer not to use more than 25k.

1 Vote
Out of State Investing

Post: First time rental

Brad TullPosted
  • Posts 2
  • Votes 8

Hi all, I'm new here. I was thinking about pulling 100-150k out of my house (currently owe 150k but worth 600k) to buy something to rent. I am not averse to something in the 10-35k range but would need to find the right mix of location and situation to pull the trigger on a project like that. I'm currently considering Erie, PA, Pittsburgh, PA, and Columbus, OH, although I am interested in NY state also.

Any thoughts would be helpful.

7 Votes