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Updated over 6 years ago,
1st deal done. Now i have lost momentum pls help.
Hey guys, Im still at the beginning stages of establishing a path to financial freedom but I have started. I need advice about the best way to get the money out of my house to purchase my next one. Here are the numbers... I purchased a house for 169k. I put 49k of my own money and the other 120k was loaned to me by my aunt at 6% interest only. My loan with her is currently at 110k and I make a 550 payment each month. Additionally I put about 30k into it... new roof, new bath, and permitting issues ect. I currently have the house rented and take home around 340 after everything including capital exspensures. I was house hacking and just recently moved out. I am living with family now but I want to move out and do it all over again. But I have no capital. I want to get enough money to pay off my aunt and have enough left over for another house hack. Any advice is appreciated.
house appraised at 205k when I 1st bought it two years ago. Im sure it's around 230 now.
Sage