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Updated about 14 years ago,
Green Rookie New Strategy HELOC
WOW, First I must say I am grateful and thankful to have found this site, with the amount of talent and knowledge I have been able to read this far. I am looking for a little guidance and direction with being a new GREEN Real Estate Investor. My Story:
In the past three months I have bought via cash two homes with no mortgages, one at 7,500.00 invested another 10,000 in it and have rented for 550.00 a month 2 year lease. It is appraised at 51,000.00. The second home I bought cash 32,500.00 invested another 10 in it and it rented for 900.00 a month 3 year lease. It is currently appraised for 99,000.00. I have taken out a HELOC at 70% on the second to have cash on hand for further investments or similar buying opportunities. My strategy thus far is to stay small focusing on SFH's in areas with great school district's as well as that of homes near the univeristy. I know these are two seperate types of rentals, but feel starting out small in these two specific niches / areas will provide recurring rents and longer term renters. I am looking for advice on further investments or strategy on acquiring more properties as well strategies to running this business in and outs potential red flags I will want to watch out for etc.... How many propeties are to many and can you live healthy by building this type of business. My initial thoughts invest low have long term investments that appreciate due to current economy and being undervalued and then 20 years from I have these as retirment savings...... Again I am open to any feedback input or direction anyone has. Thank you