So, you and your mom originally had $90k cash? A lot of people here might have suggested that you could have already split that up into a deposit on three of four properties, rather than just looking for one that would give you 1%/m cash return.
@Brent Coombs No, we have received an inheritance in a form of a property. So the property is now paid for, we could sell it whenever we want to.
I am among those who would suggest you DON'T pay $90k for properties that appraise at just $90k. Is that the case with your condo? Because if so, your equity is no more than you already had before buying.
@Brent Coombs The market price of the property is 106K, we are able to get it for 83k because it needed it a lot of work, we spent 7k in fixing it [we are not expert, first-time deal].
Every time you pay close to retail for a property, you are limiting your opportunity to get ahead of the game. For now, I will leave you with those thoughts. Cheers...
The reason of my post is because I couldn't find any simple ways of getting mortgages [I'm full-time college student] 3 properties and run all of them. So instead, http://www.b2rfinance.com/products/portfolio-pro-l... offers the capital to buy more properties using the equity of the property as collateral.
So the reason of my post is looking for insights on what should I be paying attention if we take this capital expand the portfolio.
Thank you!
