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Updated over 6 years ago on . Most recent reply

User Stats

149
Posts
13
Votes
Allen Lopez
  • Rental Property Investor
  • Baton Rouge, LA
13
Votes |
149
Posts

To loan or not to loan??that is the question

Allen Lopez
  • Rental Property Investor
  • Baton Rouge, LA
Posted
So. I have been investing in properties for about 3 years now. I have a house that I bought back in 2015 and still owe 80% on (will not sell). It is rented for $1650/month (could probably increase it if need be). Have a condo worth around 95k, with a two year contract for 850/month. Fully payed off, have another unit also worth around 95k, fully payed off but vacant at the moment. Additionally, I have 60k to invest. I would like to find a multi family complex maybe 4-6 units (MAYBE MORE) to buy and rent out. The question is, is it recommended to sell what I have and buy cash, (assuming that I can find a multi family complex under $250k) or should I take out a loan? Is it even possible to find a complex for that price? The other option is to do a combination of both. Sell what I have and take out a loan and buy something with more units. Long term goal is the same as all of us here. Financial freedom!!

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