Updated almost 7 years ago on . Most recent reply
Newbie with 1 Rental Property looking to learn, grow & give
Hey everyone,
Stumbled into BP podcast and now the forum.
About me: Living in Dallas, Texas in our primary and we rent out our previous primary in Denver, Colorado. That's the only rental property I have. Looking to learn more about how to get another rental and then some more.
About the rental, it's a single family home I purchased . The current rent generates about $1100 beyond the PITI, so it's generating good cash flow. For the next rental, I plan to use a HELOC to get some equity out of that house as a down payment for the next. I dont anticipate I will get as good of a deal for the next rental as that rental - but you never know.
Hopes & Goals: Moved to Dallas last year to be close to family and see the market to be pretty frothy here. Also, since I am new to Dallas - I need to learn more about the market or invest out of state.
- I plan to be a buy and hold investor (fits my personality and goals) and do not plan to do any fix and flips.
- No house hacking for me
- Not set on SFH or duplex or 4 plex - open to the right parameters. I think I lean towards a multiplex.
Professionally, I work at a fintech company and like my job. I work from home that provides some flexibility. Personally, happily married with 2 wonderful boys 2 and 1.
Look forward to be an active participant on these forums to learn and hopefully to help someone else too.
What advice do you have about -
- investing in an area that I am new to or investing out of state.
Matthew
Most Popular Reply
Great start. Get in and learn. Nice to have a head start with the money end. Keep learning.
Also, getting HELOC on an investment property is not nearly as easy as doing it when it's your primary residence. You should definitely figure that piece out first. It will set the amount of funds you have access to as well (I have heard HELOCs on investment properties cap out at 70% LTV).