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Updated over 6 years ago on . Most recent reply

User Stats

8
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0
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Faraz Ahmed
  • Rental Property Investor
  • Chicago, IL
0
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8
Posts

Buy with Cash or Finance?

Faraz Ahmed
  • Rental Property Investor
  • Chicago, IL
Posted

Hello All,

Quick background.. I started real estate in 2005, bought multiple properties (high-interest loans, arms, etc.). I had no idea what I was doing.. (was 21). Went through the recession and ended up short-selling my properties..

Faster forward to 2010 I obtained my real estate license and started investing again, but this time buying properties outright..

My passive income is 5k month and I have no debt.. I also have a full-time job in IT management

I live in a townhouse and have been saving up to buy a property for my growing family.. I have 3 kids (under 4) so as you can imagine living in a townhouse has been difficult.

I have $500k in liquid and have always had the mindset of buying my new primary residents using cash as I've been burned by loans in the past..

Recently, I started thinking this through a little more, and would like to put 20% down on a house and take the remainder and acquire more properties when the market drops..

My goal is to have 12-15k net of passive income..

What are your thoughts? What would you do? Appreciate everyone's help!

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