All Forum Posts by: Dusty Rhoton

Since I am new to investing in Real Estate.  Is it a good idea to use the Equity in homes to purchase more?

Thanks so much for your input and advice.    I certainly appreciate it!  I did property management for most of my life, so I have a great track record with this area.    Because homes and investment properties in this area are much more affordable and my family lives there, I am thinking I will do more in that area.   

I will also look into doing a refinance in two or three years before the balloon is due. (I know you can't always just listen to what folks say and they may demand the loan be paid off after 5 years as you indicated in your post.)

After my experience getting the loan - I would hope I could end up with a great portfolio lender there.  Thanks again!

Well, after reading alot of articles here on Bigger Pockets, I finally bought my first investment property.   It was a bit of a struggle as I bought a duplex for my mother who has never owned a home in her life and she is 75!.   The back rent pays for the mortgage and the homeowners insurance, but it was really a challenge to do it in another state.   Several lenders wouldn't let me buy it and make the payments while she lived there and after 2 frustrating months, we found a local community bank who would let my mother buy her first property and I could do the down payments, etc.,.    It was set up as a 5 year balloon and the banker said we could simply renew it after the 5 years was up provided all the payments were made on time.   I am looking to my Bigger Pockets community on what to do next and thanks for your help!