We have an existing mortgage (backed by these 2 lots and 2 others) and given the increase in appraised value there is no need to pay anything back to the lender when selling the lot.

Since the mortgage rates have been higher than previous years and the inventory has been lower I'd recommend looking into multi family options that are currently cash flowing in areas that values are increasing.

If you think you can manage a mortgage, taxes, insurance and the upkeep of a home while paying your student loans then buying is not  bad idea but if you think you will overstretch yourself renting is nto bad either.

Knowing your long-term plans can help you build a long-term financing strategy so that you are not just worried about purchase number 4, but also purchases 5 - 20+ (if you plan to continue to invest).I'm an investor and licensed mortgage broker.

I’m in the real estate and mortgage world here in Chicago, so if you ever want to chat about financing options or general market insights, happy to connect.

There is no mortgage on the property.   

He is older and does not have a mortgage and there is a lot of deferred maintenance on the property.

A cash-out refinance provides stable financing but resets your mortgage term.

I am also a mortgage broker so we can hook you up on the lending piece.

Tenant is profusely sorry and stays in contact, but that does not pay the mortgage.