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Updated about 8 years ago,
Begining strategy help
Hey all,
I'm about to jump into real estate investment. I would like some advice on what is a good beginning strategy. Let me lay out what I"m thinking.
My goal is to buy 1-2 multi unit rental properties (5+ units) to start. Working toward cash flow. I am planning to sell my current home as it's increased in value significantly and I can use this money to start the ball rolling.
I'm thinking either two smaller properties or one larger 20ish unit property. I've only bought one house and it was my residence so I'm not sure how difficult the 2nd loan will be to get? Maybe it would be easier to just go for one larger loan rather than two smaller? I would also like to buy another home to live in as well. Will having the 1 or 2 loans out for the investments make buying a residence more difficult? If so should I buy my residence before the investments? I would think since the rentals would produce income, that they would actually make getting future loans easier?
I'd be keeping my job and my credit is excellent, so I don't foresee any issues in qualifying for the loan. I"m just wondering if having a loan on an investment will make securing financing harder for the 2nd or 3rd or 4th.... etc...
Seems like it should be no problem but, would love to have some input from some folks who know through experience rather than speculation.
thanks!
-=Sam=-