All Forum Posts by: Homa Teramu

If it is still available, can you please send me more information on this (proforma) ?  [email protected]

Thanks,

Homa 

Background: I house hacked a property located in Silver Spring, MD. I purchased the property three years ago (04/2014) for $289,000 with FHA loan and PMI in it. In 02/2016 I refinanced the loan to 15 years at 3.12500% rate and switched it to a conventional loan; avoid paying PMI and take advantage of the low interest rate for 15years amortization. Currently, the principal on the property is 256,507 and the payment on it is $2,285 . Back in May 2017 I purchased another town house in a good schooling zone for my growing family (my wife and 2 kids) with $357K, 30 years and 4.75 rate. I rented out the first property 2500 including utility (as of now no cash flow, but property is appertaining estimated value 382,000 based on Zillow and other open sources).

Objective: I am really interested increasing my rental property portfolio reaching certain amount of cash flow. The option that I see in achieving my goal is first, trying to use Airbnb get more cash flow on the first house as soon as the current lease expires (since the property cannot be rented more that the current amount). Second, I am trying to get LOC from my first house and get rental units. However, the LOC amount may not be more than 50K and don't have money saved that I can use. Based on the market, the LOC won't get me the rental units that I planned in state of Md, DC or VA so I may have to invest in a different sate.

So, based my situation and plan does anyone see any other route or strategy in getting more rental property? Which state may be suitable to invest the LOC? (Coulombs, OH and Michigan City, IN are in my mind)

If this still available please contact me with more info .. .

Thanks