Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 6 years ago on . Most recent reply
Need advice on rental property
I need some advice, I’m trying to buy a house in Orlando. Trying to fix and rented. First I have no experience on this matter maybe someone could help me. About me I have a house in Virginia that I’m renting right now. Right now I live in Orlando Florida. Right now I’m renting when I move here to Orlando they told me I have to live here for one year before I could buy a house not sure if is true? But back to where I was, now the house in Virginia I still own like 110k but it’s appraised at 220k. Now I want to keep that house. Do any one have any advice on what to do if wanted to buy a house in Orlando and rented. I don’t make much money I’m working in retail store and I moved because I got layoffs in Virginia. The house in Virginia is cash flowing like 100 a month. What could do to get the next property. I know I need at least 25% of the property in order to be a investor. But where do I get a 25% from the house in Virginia do I get a heloc and if I do how do I pay back the heloc. Any help will be appreciated.
Sorry for the long post