All Forum Posts by: Ashley Lynn

That’s my next concern is the tax factors of a rental property.

I am about to purchase my second property with almost 100% financing & equity from my first property. Goal is to buy a third a year or two after that. Question is do I use any extra money I have to pay down the mortgage faster? Or save the money for a downpayment on property #3? I know 100% financing isn’t ideal. Especially in this market. Thoughts are appreciated!

I rented out the spare room in my house. When the tenant didn’t like her job she would quit without a new one lined up. Happened a few times. Longest stretch was three months without paying rent. She stayed half the time during those three months at her sister’s house. When she got a job again I said you owe me three months rent but I’ll only ask you for half since you’re a friend of a friend. She was shocked she still had to pay rent for the three months she was ‘barely here’ I told her your belongings are in that room. It’s a room in my house I can’t use. Pay up.

Ashley here in palm beach county Florida 👋🏼 I bought my first property in 2012 for 70k. Just had it appraised at 210k. I want to use the equity for a down payment on my first investment property as I don’t have a lot of cash saved up. Problem is the numbers don’t work in my favor with almost a 100% finance. Cash flow would be minimum on a small condo with an HOA. Should I buy an investment property with little cash flow (talking 50-100 monthly) Or do I buy a property to move into and rent out my current property? This would equal a lower interest rate and a $600 monthly cash flow. Negative would be moving into something that would be a step down from my current home/location. Any thoughts appreciated!

I’m running into the same problem in south Florida. I have over $100,000 equity in my current home but no cash to put down. So I’d have to 100% finance. I’m also dealing with monthly HOA costs which can range from $200-$600. I may end up buying a new place to live in for a year or two and rent out my current property. That would at least give me some cash flow.