Financing Buy and Hold

[Brian Peals]

Yes I know this is a well talked about subject but everyones situation is different and this is mine.

I have been reading and listening and reading and watching and I am ready and looking for that first deal.

I want to buy and hold, I am in Texas but intend to retire to Idaho so these are my main areas of concentration although, I always have an open mind. I have about 6 years til I am able to retire and would love to either retire early or add to my retirement cash flow.

So the wife and I have the house to ourselves now and the house has always been to big for us so first decision we are trying to make is Rent or sale the house? if we sale we stand to make some money, woohoo, but if we rent it out it makes money for us. I lean more to the sale, cashing out. Then using that money for 2 residences.

I have a decent job and would not be difficult to cover a second residence on my own, so I have considered doing this. 30 year loan would be ok.

I have also been looking at older unloved homes in the 25-50000 range and getting an in house loan at the bank, problem with that is for the 5 years financed no real posative cash flow but after that they would be mine and could recoup funds.

I may even hang my shingle out and see if i can find a no money down or two.

Although I want to buy and hold I am not against an occasional flip for the right motivation.

I would hope to have found my first property w/in the next 90 days, we will see.

I would love to hear any and all opinions.

Would love to hear from those of ya in idaho and texas esp and if in the central texas area maybe meet up and chat a bit.

Thank you

[Charlie Fitzgerald]

If your goal is to have rental property and you have a house that is too big for you find a house that fits you, move into it and rent out your current home.  Problem solved...

I don't sell to buy what I already have...that's the classic example of re-inventing the wheel.