Leveraging Your Money to Purchase more Properties
Hi all,
I bought my first house in 2018 and fixed it up top to bottom. My fiance and I currently live in it and this past year took out a 40K HELOC to purchase our first rental home right down the street. We bought it for 200K and rent it for $1,400 a month. The rent covers both mortgage and HELOC payment. Did some small cosmetic stuff to add value. Our area is State College, PA extremely strong and good market because of the University around us. Where I'm having trouble is figuring out where I can get another downpayment to purchase another place. How long until I can leverage the rental? Sorry I'm just starting out and trying to figure out how to get more houses to build my real estate portfolio.