Updated over 1 year ago on . Most recent reply
looking to purchase a single family home
Hello,
So back in 2020 my wife and I purchased a 2 family home. We did the BRRR method and house hacked. we lived in one unit and rented out the other. At the time this method was best for us because we both had recently graduated from college and had over 100k in student loans and car debt. fast forward to now we completely DEBT FREE besides our home and we are looking to purchased our single family/forever home and keep our multi and rent it out. I have looked into HELCO and just dont know when the time is right to pull the trigger because of the rates.
I also have read post about creative financing and honestly dont know where to start!
Thank you for your help!
Most Popular Reply
Hi Marquise - congrats on paying off your debts! You may run into issues trying to take a HELOC out on an investment property, and even if you can I doubt you'd want to use it for a down payment for a primary because the rates are much higher.
What kind of cash flow would you be generating from your multi once you move out? Are you looking to stay in the Boston area?