Trying to learn about hard money ,and private investors in buying new properties! We currently own 8 addresses we rent. One being a double, and one being a triplex. We owe no more than 35/40 on each.
I love owning and managing rentals. My husband and i do all the work our self. Been doing this for 18 years.. Just sold my oldest rental unfortunetly, to pay off all credit cards!!.... Still have 5 mortgages, which includes our own dwelling(non over 550 a month)... Considering flipping a house this winter, or buying another rental in a place I like to manage. I have the one triplex , We make over 25,000 on a year rents.... No mortgage on it, kinda look at it like a pension. I dont have a pension. My husband still works full time by choice construction, and for health insurance. Currently bringing in around 7000?? a month rents before bills.... I debate to pay more on principal on the rentals, as i have always heard re investing is the way to go.... My question is should I go for a traditional bank loan, this new concept of hard money? Private investors loan, or use my "pension triplex" to purchase other place or two?? The triplex is prob worth 250,000?? Since i have no pension, it scares me to mortgage the triplex tho, or take equity out of our own personal home.. My husband leans towards wanting to pay each rental off at times, instead of re investing.Hes not as big of a risk taker as I.... I cant get my husband to quit his job as of yet, to be able to flip houses thru week and not just on his 2 days off,so i know a serious large flip would take us longer than 3 months to finish!... We are both 60 years old...thoughts please on how to proceed with our passive income investments?
Thanks Jen Jones Indianapolis , In
