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So I am moving out of my condo at the end of October and will be moving out of state for at least a year because of my job. I will be renting out my condo while I'm gone and figured I should get landlord insurance for it. Well it seems that since I will be renting an apartment for myself when I relocate next month and not buying, I can't find anyone to give me landlord insurance on my current place that I'm leaving. Is this normal? Anyone know any companies that will insure my place that doesn't require me to own the next place that I'm living in? Seems kinda odd and I never knew about this rule before. Any help would be greatly appreciated!

Thank you for the feedback Ben. I have not talked to any mortgage professionals yet about financing options for rentals. I did talk to a couple when I was thinking about doing some flips. Im still not sure who to go to in my area (or national) that is good with working with rental properties.

Thanks for the feedback guys. Heres the answers to your questions.

My current residence is a fixed term at 6.25%

My plan is to rent out. I plan to keep the properties indefinitely. I am looking for either fixer-uppers or ones that need very little work to purchase for rental purposes.

Ok Im new to investing and am trying to figure out the best strategy for financing. Here is my situation:

- I own my home now for 3+ years. Owe 102k on this home and it just recently appraised for 145k.

- My credit score is excellent, right around an 800.

- I have about 15k in cash savings.

I am looking in to purchasing a rental property as a non occupied owner. As far as short term goes. What is my best option for coming up with down payment. Should I refinance my current residence, get a HELOC? Personal loan? Is one option better then another and why?

Long Term: Eventually I would like to buy additional properties. In order to come up with down payments for those additional properties, can I just leverage the 20% I already put in to the first property through a refi or HELOC? If so, will this be difficult to do? Can I just continue this process for additional properties...assuming I don't make any bad deals and am not drowning in debt.

Like I said, I'm new to this and am trying to understand as much as I can so any and all opinions would be appreciated. I can handle being called a moron if this idea is just not feasible. :mrgreen:

Thanks!
Rich

Hi everyone. Im new to the forum but figured I'd throw a question out to everyone to see if anyone had any ideas for me. Here's my situation...

I currently own a condo that I have lived in for 3+ years and I owe $100k on it. I just had it appraised for 145k. I'm thinking about buying a triplex down the street from me. The asking price on that property is 380k. If I did my math correctly. I would need about 75k to be able to put 20% down on that property and my mortgage payments would be about $1900/month. I'd like to live in 1 of the 3 units, while renting the other 2 out. Im reasonably sure I can rent each unit at 900-1000 per month, but I still need to confirm this. Renting those 2 units would cover my mortgage payment and I'd be able to live their free (relatively).

Now my question is this. The above scenario requires me to put down 75k as a downpayment. I don't have that much in cash right now. I have about 15k in cash reserves right now. However, I know I can get a good rate on a personal loan for 30k(I have excellent credit), and then I do have 40k in equity in my current residence. What is the best way to get at this money? Sell the home outright and use that cash, or do a HELOC or Refi on my home? I'm just looking for what my options are in getting to that 40k I have in my current home. I'll sell the place to get it, but it might be difficult to do that and put an offer in on the other place until I know I have my place sold. Thoughts?

Sorry for such a long first post, hope it makes sense.