All Forum Posts by: Kathy C.

One of my properties only has about $60k left to pay off. I'm not sure that I'll be buying another property within 1 or 1.5 years. So, I don't feel i need to save towards my next one just yet. The loan is at nearly 5% and I net $200 monthly after fees, tax, mortgage, Hoa , Etc. Should I just start dumping money into it and paying it off within the next 3 years? It would be nice to see the smallest loan paid off. 

At the same time I feel like saving towards the next home or a larger personal home. If I rented my current home the profit would be around 400 AFTER expenses. 

The problem is that both seem like good choices . 

Very Cool, I'm investing in Raleigh NC right now and returns are no where near what other areas are offering. Such as Baltimore MD or some of the suburbs up there. Along with areas in Ohio. That's why I'm looking at other zones in NC. Keep in touch!

Anyone here working in/around Clayton NC in the rental market? Advice on property managers who work the area? Any info on the area in general?

The first bank messed up closing and was late with everything. I do have my other accounts with this bank. Second bank was even worse and took half a year to close, lost the same paperwork over and over again. (WFargo), Small bank that was used last did a great job. 

No, I currently use three different banks. Whichever one was willing to work with me each time. What down payment amounts should I be expecting when looking to get another mortgage. My last one was at 20% and I went with 25% for the lower rate. I'll go and talk to my last mortgage person in a few months once I'm ready again. Still going back and forth with the idea of just finding a cash purchase property. 

I hear its difficult with a ton more paperwork, more questions, lots more digging into personal finances. Is this accurate? And if so, should I aim to pay off a home before trying to buy my fourth? (1 personal, two current rentals 63k /95k)

Or do I take the other approach and look into other areas in smaller towns about an hour away. Try to find homes under 50-60k to be bought in cash.

Each time I buy a home my credit score takes a hit. I'm trying to brainstorm ways to do minimal damage to my credit while still borrowing for more homes and increasing my debt load. What do you do ? Or do you just have your score drop a few points per new loan?

 After many attempts to contact this banker we didn't get anywhere. No returned calls or returned emails. Multiple calls and voice mails and multiple emails- Nothing back. Ended up finding a bank willing to return my calls and work with me with 25% down. Just wanted to give you an update. I should be getting another home very soon once we finish signing paperwork. Very exciting

@Timothy Riley

The homes need very little done, both are actually in good shape. Newer roofs on both. Just some flooring work needs to be done with house #2 along with new paint.

My plan is to add a second rental property this year. Then another in 12-24 months would be ideal . Which is why I'm thinking of going with the one that requires less money out of pocket.

Home #1

$35000, Tax + Insurance appx $140 Month. Currently rented for $500 Month to Month. Typical rent is higher for the area at $650-725 for a two bedroom.

Home #2 (Looking at several similar properties)

$95000 , Tax + Insurance appx $170 Month. 20% down. 3 bedrooms, 2 Bathrooms. Typical rent for the area is $1050-1100 for a quick turnaround.

I can't seem to decide what the best option would be. Going with a home similar to #2 would allow me to purchase more properties quicker. Less money down, more money saved up for another home. Home #1 would eat up most of the money I have set aside for a down payment. Yet, it will allow me to own the home right from the start . Which would you choose and why?

Thanks!