All Forum Posts by: GiaVonni Hester

I'm finally ready to take the leap and purchase my first rental property. I recently discovered that apartment units are available to sale in my area and I'm wondering if it is a wise decision to begin by owning an apartment unit rather than a SFR. Simply because it would be "less" management on my part due to the potential disclosure agreement with the building owner.

Any thoughts? Has anyone owned a single apartment unit before? How did it work out for you? Would you recommend this approach?

Hi! I'm back :-) 
I'm still looking into purchasing the property and seeking some advice on the best way to finance the purchase. I've been doing research on HELOC loans, but I'm a little leery of taking this approach since it would be leveraging my current home. Also, I may not have a full understanding of HELOC loans and how they work and this could be the best way forward. I currently have student loans (*cringe*) and a little bit of credit card debt. I'm not sure how all of this would effect my DTI when possibly applying for a home loan for this second property. I plan to get pre-approved to see what I actually qualify for with all of those factors in place.

Any guidance on purchasing my first rental property would be AMAZING! 

Thanks to you all.

@Tyler Gibson

Thanks for the feedback. I'll start looking into the numbers and see what comes of that analysis.

Hello All,

This is will be my first time purchasing an additional property. I am planning to purchase my parents former home. They have moved to a new home and want to sell the old one. They've rented it out before, but they no longer want the hassle of managing it, etc. I would like to purchase it from them. I am an only child, and I've grown up in the house and would like to keep it in the family and continue to use it as rental property. The home is 19 years old and is in good condition and upgraded with new appliances, etc. My parents have always rented to Military Families so they've never had any real damages that they had to be concerned about. 

With this being my first rental property and second home purchase, are there any advice or guidance you all can provide to me through this process? If all goes well, I will continue to look to purchase more rental properties. 

Any information will be helpful.

Thank you!