All Forum Posts by: Jeff Leeker

I'm only 42 and have many years to go and want my money to work for me.

Thanks for the comments!!

So, I'm thinking to:

1. Take a cash loan out of the rental home for up to 70%. Say $70,000.. HELOC or 30yr mortgage?

2.  Put 20% ($14k) +/- down on a new home?

3.  Take the other 80% ($56k) +/- for renovation?

4.  Rent it for $850/mth ($500/mth cash flow). 

5.  Take this cash flow $500. & the original cash flow of $500. and pay the loan twice as fast.  

6.  Do it again to create a snowball effect?

What do you think?

1st and only rental is paid off. It's worth about $110,000.. rent is $850/mth. After all expenses I make $500/mth for the past 8 years. It's in my name, no LLC. I want to keep this single family rental and buy another with it as leaverage. 1. How do I do this with Little to no money out of my pocket? 2. Should I keep them in my name or create an LLC? 3. I'm looking at buying a $200,000. home with a rent rate between $1200-$1400/mth. Would this be a good next investment? Thanks