All Forum Posts by: Thomas Brinkman

@Greg Scott how do you manage remotely? Is there reference books and educational material you can point me to to learn that? That would be more ideal but the thought of owning placing outside of my reach is stressing to say the least.

@Greg Scott Hi Greg - the market in NYC is unfortunately not that affordable to turn 390k into 26 properties. What markets are you doing that in? Thanks!

Hi Greg- The market in NYC unfortunately is much quite expensive. I'm looking at one small apartment for 390k if I'm lucky. 

What places do you advise I look to find that many single family homes/apartments for 390k? I would obviously much prefer this approach. Appreciate your response.

Hi Jeff- HELOC is a great idea my fear is the fluctuating interest rates, especially since interest rates are so low right now I imagine the only way is up for interest rates. I also would plan to spend and let the amount be out, so a revolving line of credit for the fluctuating interest as opposed to a normal line of equity may not be as enticing.

Thanks both!

Tommy

Hi All! 

We own one property (our home) worth around $500k, no debts owed.

We would like to purchase a second place as a rental property for 200k-250k.

We also have to renovate our current home (estimate cost around 65k).

I currently have around 80k in cash.

What do you think would be the best approach. Should we use the cash for a down payment on the new property and then use an equity loan for the renovation and the remainder of the cost of the investment property? Or get a mortgage with the property (I heard interest rates are lower with mortgages than equity loans) and equity for the renovation. 

I know its ill-advised to borrow, but we plan to leverage debts for the property. Just want to see what you guys think.

Thanks!

Tom