My Master Plan....Good, bad or Ugly.
Hello all.
I am looking to put down 50% on my first rental, not 25%. My thought is that this will achieve two things for the foundation of my master plan: to buy more properties. First, it will make it easier to obtain the next loan by showing property 1 with 50% equity plus $1,000 net income after ALL expenses. Secondly, it will generate revenue to cover the costs of my next few homes with 25% down. My current home is paid off, so I have HELOC and refinancing options available. Additionally, I have savings as I should, since I'm 62 and not one of the young ones on the forum with decades to build equity.
My ideas seem sound to me, but is it more of a waste not to buy two homes with minimal revenue, betting on appreciation? Or other better strategies with my senerio?