I am writing to get some input from experienced investors out there working with limited capital. We just want to know what we should do next.
My husband and I currently own one SF rental and one Duplex, both fully rented, though we would like to sell the SF in the spring when our renter moves out as we are expecting to be able to pull roughly $35,000 out in equity after all associated selling fees.
In the meantime, however, we want to move forward with purchasing a MF rental property, but we are expecting our first child in two months and would like to get the deal rolling before then. However, we will not have sold our SF property yet so we are unsure of where to get the cash from. We currently have about $14,000 on hand and MF properties that net $800-$1000 after PITI range from about $100,000 to $150,000 in our area.
We also have have a friend that is willing to loan us up to $15,000. We are pre-approved already if we let the cash season for 2 months, but her money is all in cash from working as a nanny and I am hesitant to put that much cash into our account so quickly.
Any suggestions as to how to get our next property would be greatly appreciated!
