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Updated almost 12 years ago on . Most recent reply
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Out of cash for rental property acquisition
I currently have in addition to my primary residence which has little equity a rental worth $115k and owe 60K and another rental worth $25k with no mortgage
I have cash to cover repairs and my own personal emergency fund but do not have any extra for a down payment on another property. I'm interested in getting a multifamily property preferably 4 unit or more. Most of the ones I've found are in the 225-265k range. Assuming ( and I don't know if this is correct) that I need 20% down It would probably take me 4 or 5 years to save up 20 %(50k).
So for all you guys that have multiple rental properties, what do you suggest I do? Just save and wait? try to get a loan against my other properties? something else?
Thanks,
Billy