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Updated about 7 years ago,
How do you finance the 'big' one?
Currently living in my first house- a duplex where my tenant is paying about 80% of my mortgage. I'm already working on putting in a small efficiency apartment above the garage (which I plan on moving into when it's done) which should yield about $225-250 a door/month profit when I rent out the second unit. I'm paying down debt like crazy and saving for my next property.
Of course I look the other day and there is a gorgeous 14 unit for sale in one of my favorite neighborhoods. The preliminary numbers look good- (obviously much more in depth research is needed) but it brings up the question- how do you finance the 'big' one? This would be the one where I could quit my everyday job if I wanted to. (I don't plan on quitting any time soon- but it's a nice thought.) I'm not in a position to go knocking on the bank's door. What alternative financing methods are out there? I'd rather avoid a balloon payment and as of right now I have no partners but would consider one.
Doubt I could make this happen but who knows?