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Updated over 8 years ago on . Most recent reply
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What to do with my $100k open line of credit
My wife and I were just approved for a $100,000 open line of credit on our home; we house-hack a 4-family near Over the Rhine in Cincinnati, Ohio. This quad is our only hold right now, our goal is to own enough rental property to sustain our family and our future business goals. Also, I already have my real estate license.
So my question is: What would YOU do if you had $97,000 available between 5% and 6% and you wanted to build a rental portfolio? Please assume that you're already owner-occupying a cashflow-positive multi, and feel free to delve into whatever investing arenas you think will help us buy and hold for the long term. Whatever your thoughts are, I'd love to read them and learn from them!
Most Popular Reply
If you can find properties in Cincinnati for $100,000 that cash flow $1,000 each after making a mortgage payment on $90k, send them all my way and I'll pay double that for them. In Cincinnati, your rent on a $100,000 property is mostly going to be right around $1,000/month... Not sure that I've ever heard of a market that exists where that math actually lives in the wild.