All Forum Posts by: Micheal Burgeas

Hello,

I have been following bigger pockets and the podcasts for a couple years now. Currently, I own a 4 plex that cost 175k. average rental income 2500 water 100 trash 100 a month. Tenants pay for electric. I also have a second property that is a 2 unit that cost 94000k and average rent is 1500. Tenants pay water and trash in included in taxes. I make decent profit off these properties a month with a lot of work myself ( managing and maintenance). Now, I am looking at another that cost 200,000. It has 4 units at 600 each. The tenants pay water, electric, and trash. The 1 garage rents for 150 and the other for 75. I did the 2 percent rule and it comes out to about 1.3. I believe I can increase the rents by 25 or 50 bucks a month. Anyhow, I would need to take a equity loan on the 4 unit I currently own for 50k as down payment at 5.5 interest, then 150 as a mortgage at about 5.9. I wanted to see if anyone had any other ideas of funding the down payment or if that sounds like a good idea. Thanks!