This would allow me to stockpile rental income until I’m ready for the next investment, giving me more flexibility in the long run.Thanks again for your insight Yeah, I think a 15 year or 30 year loan is a better option because the interest you pay every month is lower and also you can pay it off in a short period of time if you want to.

But many people need to consider if they are financially ready for it or not.

@Timothy Finney Glad you are ready to take action.

There are a lot of market-specific issues you'll have to grapple with and also, there are plenty of landmines in MFR on its own in CT that you'll have to be ready for, in addition to the nuances and complexities of developing something like this.

Typically max leverage is 70CLTV - very higher Prepayment penalties and be ready for rates north of 12% - I answer this question all the time.

These markets feature turnkey properties, such as new builds or fully rehabbed homes that are tenant-ready, with systems that still have about 10 years of life remaining and property management teams already in place.

$1,500-$1,600 is about the going rate for a 2/2 in most average areas of BR, but I can see where some neighborhoods would get more.Another thing to think about - if the property is sitting vacant right now and you have ready and willing (and qualified) tenants, then the opportunity cost of waiting an extra month or two is $1,550/month.

Are you ready for your next fix and flip?

That said, if you have $50k and want to invest out of state, that puts your realistic budget at $150-175k...maybe even a bit less after you factor in closing costs, make ready expenses, and reserves.

Welcome to the community and be ready for a huge amount of information at your finger tips.