Dear Community,
I am 43 years old and own my primary residence free and clear. My income is $70,000 annually from a W2 job and I have no outstanding debt. I am married with children.
I am interested in purchasing my first rental property, which I estimate will cost $200,000. To make a 25% down payment, I need to save $40,000 more over the next 3 months. Currently, I have only been searching property listings on the MLS.
I am seeking advice on whether to purchase an additional primary residence now with 5% down and rent my current owned home, or wait 3 months to save the full down payment for a rental property. I also welcome perspectives on utilizing a HELOC, other financing options, or keeping my primary mortgage-free. My primary residence's current market value is $250k.
My goal is to purchase one investment property annually. I have an excellent credit score. What recommendations would you have given my financial profile?
I appreciate any factual guidance the community can provide. Thank you.
