All Forum Posts by: Lisa Bjorneberg

Thanks for the advice. Hubby is a builder so he is pretty handy and can handle most repairs. One of the bigger issues is it is 3 hours away. I could look for something closer to home, but the primary reason why I'm interested in this at all is because of the nostalgia factor. 

Thank you. I was thinking about the tax implications of not having mortgage interest to deduct on the rental property, etc. 

Split Rock Creek is on my running route so I make a pass through there several times a week!

I am considering buying my childhood home as an investment property. My dad built it in 1962, sold it about 10 years ago and the buyer has been foreclosed on. It is now with Fannie Mae and I have the opportunity to buy it cheap. I don't have much in the way of a down payment and the home could also use some repairs to make it more appealing to renters. My banker mentioned doing a cash out refinance of my residence to pay for the investment home plus needed repairs. What are the + and - of doing that?