All Forum Posts by: Chad Chapman

I have an off market deal in southern Illinois. Home is a 2-1 1000 sq. With a large extra lot. Home built in the 30s has been updated In the 70s. I can get it for 30-35k needs roof bathroom subfloor up. Windows, some flooring. Looking about 20-25k in rehab. Home is next door to my primary residence. In a nice growing town. Rents for 2-1 that are updated are 900+ a month. Hopefully will be paying cash for home and rehab with heloc and savings, till I can mortgage the rental. Banks denied a mortgage for the low amount. 

We already have one rental, was a house hack the I lived in for 15 years. It is now rented and going well. Rental is paid off, but I can't take any type of loan on the property. It was a inheritance and verbal agreement to never draw money from the property. We just can't seem to build our capital up to get in another rental property. There are some good deals in our area but need about 15-20k more than we have saved up. Do we just wait and let capital build from our current rental? I'm just at a fork in the road and need some direction. 
thanks.