Thanks all for the responses, I really appreciate it!
@Max- Thank you for your insight, your right my friends' risk factor will defininitley be different from mine, and theres truely only one way to find out. We would like to make the move in a few years just because of that. Id like to have emergency liquid just for an extra secuirty blanket.
@Jon- Yes I did mean refi. I know its impossible to purchase a home without income, thats why I was saying Id like to buy it as my 2nd home before I quit my job. Also, Im not interested in becoming an 83 unit landlord. I dont want to replace the money that Im making now with rental income, I just wanted to know if I could buy a 2nd under my circumstances. I plan on speaking to a mortgage lender, I just wanted to run it buy you guys first. Thanks for sharing with us that you have refied before. That gives me some hope that I might be able to do it too =).
@Cobane- Thanks for the advice and the percent ratio. I do have more that 10% to put down. Maybe Ill have more that 1 property in the future (over there), but for now Ill be happy getting the first one.
@Celine- The property that Id like to purchase is a multi unit house. Most the houses where im from are actually multi units. Im looking for triplexes. So, that works out pretty good for me. =) And about the hardmoney, Id only like to use them for purchasing the property and refi, like jon said, in 6 months. My other option is purchasing a remodeled home (triplex), but I feel like Im leaving money on the table by taking that route. Plus Id like to gain some experience in rehabbing.
Thank you all for responding to my message
