Hey everyone, I wanted to see if anyone could help me out with something. I'll start with the details:
-I live in a very young community in Indy w/my girlfriend in a 4/2
-area has very high turnover and very high rental activity
-I lived in my home for 2+ years renting out the other 3 rooms to my friends, who recently moved out to make room for the better half
-my gf and I have discussed moving within the same area and keeping my current home to rent out. We have discussed looking for a house we could put work into ourselves and eventually repeat the process in a few years some have two houses under our belts that are producing cash flow. Eventually, with these two houses I'd like to build a platform of RE activity in the are as my knowledge and experience grows....I'm sure some of you out there started like this!!
Questions:
Anyone have experience doing this? Can you provide some input?
What is the best way to finance the second home? My current home I have a fixed conventional loan. Can I pull a loan on this home equity for the second?
Any advice on judging the market/what best deal to look for us would be? We definitely want a 3/2 or a 3/1 where we could add a bathroom. 2 bath is key in this area!
Thanks everyone for reading, I appreciate the help!
