All Forum Posts by: Vy Mai

To The BP world:

I like to set my goal because it keeps me alive and focused. So far I have achieved what ever I set out to do financially. My next goal is to buy another rental income property within the next 6 months. 

Plan A:

- We have $10K in our roth ira as emergency money.

- Save to $20k within 6 months.

-Take mom's 401k out.  We'll borrow her $15K

- Buy a condo for $150,000

- Net after payments: $400. We'll give mom $200 profit and start paying her back her $15K

- We will give her profit money until my parents pass away.

Plan B:

- Refinance our primary residence to free up some cash and keep saving to buy the next house.  Maybe Plan A and plan B can be together.

Plan C:

- Take out home equity loan on the 1st rental property to buy a 2nd rental property.

@Maxwell Anyimah-mensah Thanks so much for your reply. I find it unreal... that's awesome! So you wait a year to buy another property? If you take out another home equity loan, does it mean you have 2 equity loans to pay? and mortgages on top of that?

So we took out home equity loan from our main residence to buy a rental property.  Can I really take out home equity loan from our rental property to buy another rental property? I've read of it but I'm still not believing that it's possible and real?

@Ken Sauer Oh yes, I am thinking of not doing anything until at least 8 months from now. But at least for refinancing on my primary, if I want to do it, maybe in 2 months since rates are going up...I'm just afraid of credit score being pulled off to many times, and that I will get a bad rate

Hello everyone,

So it still feel so unreal that we just closed our first income property. I think it won't hit me until I got the rental pay on Jan 1, 2016.  Of course we got paid first, last and security from the sellers  (now tenants) at the closing day. But I think it will be more real once we receive the pay on our own, without the attorney and real estate agent involved.

We took out home equity loan from my primary residence. $55,000 and put in 20%, $44,900 to purchase a $224,500 single house property.

Now I wonder what is our next step should be

1. Refinance our primary residence from a 15 yrs loan to 30yrs loan so we can free up and save $ to buy another house in a better area for our kids to go to school.

2. Take home equity loan from the rental property to buy another primary residence in 3 more yrs.

3. Take home equity loan from the rental property to buy another rental property. Is this even possible?

Are there other creative options out there?

Thanks!

wow.. hopefully I can do that one day!!

Thanks all for the replies. My attorney got back to me and he said it's $1070. Thank GOD!

I want to say thanks to BP members who helped me out with almost instant replies whenever I have questions. Major motivations from BP members. I really appreciate it :)

We just closed on a deal 2 days ago. Still unbelievable. We got the down payment through home equity loan from our primary residence. Our income will be only $89.... but I still consider it a success. We are renting it to our seller and the rental income is a little less. Our projected income will be $889. However this number doesn't include vacancy or fixing up expenses.  Still I am excited!! What's next is in my mind :)

@Mike Wood Maybe I will probably have to refinance soon :)