Building capital to buy and rent properties

[Stephanie Cortez]

I currently have two Single family homes in Philly. One is being rented but I barely get any profit and the other is being renovated and is owned free and clear. I want to continue to buy rehab and rent to create more income for my family.  Is it better to use the banks to build capital? I am thinking of using a Heloc or cash out refinance. Any suggestions?

[Albert Bui]

Quote from @Stephanie Cortez:

I currently have two Single family homes in Philly. One is being rented but I barely get any profit and the other is being renovated and is owned free and clear. I want to continue to buy rehab and rent to create more income for my family.  Is it better to use the banks to build capital? I am thinking of using a Heloc or cash out refinance. Any suggestions?

 Whether you decided to save up more capital to acquire more rentals purely from disposable income, whether you pull a line of credit or loan from your free and clear rental, or your primary residence I’d first identify what your end goal is and figure out what that looks like before you decide how.

There are many ways to reach that vaunted 10k per month income figure from rentals and some are quicker and some take 2-3 decades.

One bit of advice is to find someone who already has what you’d like to achieve and  tag along with them to show you their path (one option amongst many, but at least it’s a proven model).

@Matthew Kwan

@Carlos Valencia