All Forum Posts by: Sierra Fox

I had a potential tenant also just offer to pay through January - she is getting a bonus from work, and wants to enjoy the thought of not having rent for the next 6 months.  I personally don't see any issues with her doing that.  She has a long job history, and she probably just wants to feel the freedom of not having to pay rent every month!  Plus it's more money in your pocket upfront.  It's a win/win.

Hello,

I'm very new to the game of real estate! Our strategy is buy and hold. After a couple years of researching and finally making the jump - we purchased our first rental property - SFR last month. I found a second investment property - SFR for $30,000. I'm stuck on how to fund this without making mistakes.

Scenario 1:  I tap into my primary home equity line w/ 12 mo paying only interest at 3.25% I will lock in the rate and pay back 20 yr term and still have remaining equity for improvements or purchase of another rental.  

Scenario 2:  I pay $9000 cash for down payment and closing cost and go with a conventional loan.

What would you do?  Any other ideas??  Thank you in advance for your help!

@Clifford Paul

Hi Clifford,

I read your response regarding VA loans - great information. I had a question regarding our scenario and wondered if you could give us any insight.

Our current home is under a 30 yr/conventional loan. We were thinking about refinancing it into a VA loan and do a cash out-Refi. What are your thoughts?

We just purchased our first rental property with a 20 percent down payment of our money. We have an itch to buy a second property and have about 60k equity in our home we are currently living in.

Thanks,

Sierra