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All Forum Posts by: Austin Dixon

Austin Dixon has started 2 posts and replied 4 times.

Post: What is my next move?

Austin DixonPosted
  • Peoria, IL
  • Posts 4
  • Votes 1

In June 2013, I purchased a 2 bd/2 bath condo (put 20% down) and rented a room out to a friend. At the end of January, my friend is moving out. I plan on continuing to live in the same location without replacing the roommate. While the income was nice, I can not imagine replacing with another tenant. The past 18 months, I have been saving in order to purchase my first investment property. I believe by mid 2015, I will have a large enough chunk of money to put down 20% on another property (75-125k purchase price). How will having a personal mortgage impact my ability to secure another mortgage and how much cushion in savings is recommended before purchasing a rental property? Any advice on taking the next step would be greatily appreciated.

I think there is too much risk not enough reward. She seems to be living pay check to pay check and one emergency may leave you with unpaid rent.

Post: New Member- Peoria, IL

Austin DixonPosted
  • Peoria, IL
  • Posts 4
  • Votes 1

Thank you for the warm welcomes.

Post: New Member- Peoria, IL

Austin DixonPosted
  • Peoria, IL
  • Posts 4
  • Votes 1

Hi, my name is Austin. I am a 23 year old, May 2013 college grad. Two days after graduation, I closed on a 2 bedroom/ 2 bath condo. I am living in the condo and renting out a room to a high school friend. Currently, I am saving, learning, and scoping out the area in anticipation of purchasing another property. After initial research, I am most comfortable with buy & hold approach. Any tips or networking opportunities in the Peoria area would be great.