I wouldn't bother putting $1000 here and there in any special type of account.You'e going to need more than $3000 to buy with an FHA (closing costs, prepaid taxes and insurance, repairs, etc).

You would net roughly $150,000 in cash from this transaction.You are pre-qualified for all of the scenarios I have outlined…below is a spreadsheet for you to compare options:ProgramEquity Line of Credit $90KEquity Line of Credit $130KVA RefinanceTotal owed against your home$360,000$400,000$424,000Rate4.75%5.75%3.875% FixedTermInterest only for 10 years then amortized for 15 yearsInterest only for 10 years then amortized for 15 yearsFixed for 30 yearsClosing costs and pre-paid items for closing$1000$1200$4900Net cash proceeds available after covering closing costs$89,000$128,800$149,100Monthly payment$357 + first mortgage $1802 = Total monthly payment is $2159$623 + first mortgage $1802 = Total monthly payment is $2425$2370 PITI first mortgage only Please let me know what price range of investment property you are considering and if you will need a loan on the investment property as well….and I can run figures for you.

They can draft their rent from a traditional bank account or a pre-paid debit card and such.You may decide that the fee is not worth it for just a few tenants, but if you plan on growing, it's nice to have it set up and just build on it.I am too busy to process a bunch of rent checks every month.

It's a scam and here are their other listings with different phone numbers that when you look them up, they have no history nor registered name so they could be prepaid phones:https://www.trulia.com/p/fl/jacksonville/1937-willesdon-dr-e-jacksonville-fl-32246--1012701013https://www.trulia.com/p/tx/houston/7907-glenn-cliff-dr-houston-tx-77064--2124459593https://www.trulia.com/p/tx/dallas/1617-russell-glen-ln-dallas-tx-75232--2066532318https://www.trulia.com/p/tx/houston/6714-casablanca-dr-houston-tx-77088--2069047349https://www.trulia.com/p/tx/houston/4507-sylvan-glen-dr-houston-tx-77084--2123410914https://www.trulia.com/p/ca/los-angeles/11359-chalon-rd-los-angeles-ca-90049--2077412706

Hi everyone,  I need your professional advice, I found a house off market that if for sale, but the owner wants to sale it  with an existing elder tenant that has prepaid two years of rent with 10 months remaining, as she already prepaid, she won't be paying rent to new owner.  

Certified letter w return envelope prepaid

You'll also have closing costs and 14-15 months prepaid insurance and taxes.

And if so, what would you ask for as additional security (much higher deposit, pre-paid rent, bank statements showing reserves, income tax returns, etc.....)?

Terms:30 year 4.875%20% LTV for a SFR25% LTV for a Multifamily$60,000 Loan (could be more but this is what we asked for)Closing costs about 6%Property taxes must be prepaid (as part of the monthly payment) for the first yearThis is a loan he applied for in his name only.

both houses are in Round Rock, TX using 5% down conventional loans with PMI prepaid.