All Forum Posts by: Kevin Douglas

Eric James I agree, try and tell my wife that tho...

Andrew Postell Andrew Postell great response. Thank you for feedback. When I say I want to buy with cash, I didn't mean my cash, but from the sellers view it's my cash. I messed up by buying my first property with cash but it happened so fast, I didn't have time to get funding for it and I didn't want to lose it. Love the idea of a 15 yr mortgage, forgo cash flow and let it be my kids college in 16 yrs

Thanks guys! I'm hierin get i would have to get a appraisal of the rental first. If it's 80k, I'd be able to take out about $60k which wouldn't allow me to pay cash. I'd still have to take a mortgage which puts me at a disadvantage when buying. I could do that along with a small HELOC?

Hello all, i am new to the investing world and new to BiggerPockets. Im 35, married with a 1.5 yr old with another due in August and I live in Charleston SC and wanted to give my scenario and get some advice on what to do: I owe 230k on my primary residence thats appraises at $350k. I also own a rental valued at about $80k (paid off) that rents for $1200 per month. Im looking to buy another property between 80k and 140k but i only have $20k in the bank (that i can spend). my wife and i make about 200k a yr combined so ill have more cash coming in monthly. i put back about 800 a month to add to my stash. 

My strategy for now is to buy and hold and build some cash to buy more properties. id like to buy about 2 a year for the next several years. Looking for properties with a 10% cap rate minimum.

What would you do to get cash if you wanted to buy another property within the next 6 months (cash offer)??? Thanks for the advice