Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 3 years ago on . Most recent reply

User Stats

6
Posts
1
Votes
Mark DiRenzo
1
Votes |
6
Posts

Looking for Opinions

Mark DiRenzo
Posted

Whats up guys! I have a situation that I need expert opinions on since I started out and dont have a mentor in the field! Im looking to buy another rental property in a prime student rental location for $250k. Down payment would be $50k. I only have $40k in savings and currently have one rental with about approximately $80k in equity I am able to pull out if needed. Do you guys think I should use some of that equity in a cash out refi to purchase the other home and take a hit to income on my other property with a new mortgage, or should I look for a a lender willing to do 10% down. Either way it seems like passive income would take a hit. Do you guys have any advice for me in my position - finding it hard to grow my portfolio with my current situation and home prices near me. My first rental pockets about $9k a year in total before taxes.

Most Popular Reply

User Stats

1,407
Posts
1,322
Votes
Ryan Thomson
#1 House Hacking Contributor
  • Real Estate Agent
  • Colorado Springs, CO
1,322
Votes |
1,407
Posts
Ryan Thomson
#1 House Hacking Contributor
  • Real Estate Agent
  • Colorado Springs, CO
Replied

Hi @Mark DiRenzo - do you have the luxury of being able to house hack? You could buy this "college rental" property as a primary residence. Live in it for a year and then move out and turn it into a college rental. This way you would only have to put 5% down. 

business profile image
House Hack Colorado Springs
5.0 stars
38 Reviews

Loading replies...