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Updated 5 months ago on . Most recent reply

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Nathan Wadkins
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Advice on when to start - Financials

Nathan Wadkins
Posted

Hey everyone, been looking into REI for quite a while and am getting more serious. Purchased PR in 2020 with interest rate of 2.75%, 15yr. Owe $160k w/ $90k equity.

Gross Income: $10.5k monthly

$18k in loans

Current mortgage is $1600 and PR could rent for $1650. 

My question is would it make sense to save for down payment for another primary residence and rent this home out with negative cash flow to get into the REI game. I can cover the negative cash flow for the remaining mortgage term and may look at paying it off early. OR should I be saving to just buy an investment property?

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