Hi, I currently own 2 homes. First one has been rented out and am currently staying at a new home.
I am considering purchasing another property as rental property, but have a few questions that maybe experts here can help?
1. Given the high interest rate, I am considering just buying the rental property out right (or with very minimal loan) is that a bit extreme?
2. Because of 1, I am really only considering condo or small houses on the east side. Is it silly to consider condo for rental property? My end goal is basically property appreciation for a target of holding the property for at least 10 years.
3. Is there a one stop shop for me to work with that will handle most this (ie. evaluating if the property makes financial sense, helping with closing of property, setting up LLC to hold the property etc)
4. My previous home which I rented out, I basically posted that home on Zillow and am self-managing it so far. But I am also open to having a property management team do it. Is there pros and cons to either method? And would it matter if I start owning another rental property?
5. Does the existing mortgages on my current homes matter for getting another rental property?
Thanks again!
