Funny, but I'm in your boat, sort of anyway, but i'm 52 next April!

@Jacob Cohen Just found this and in similar boat in the same area.

Fact of the matter is you WILL have $500k after 5 yrs of investing with a dayjob and a good bank relationship...so beware of blowing you load on one massive, high value, high interest, 5 yr balloon purchase...I buy where it makes "cents", not where I can show off the building)Just because this guy will sell to you doesn't mean that it's a good deal...still the cash flow looks pretty basic on the first glance.If you are putting down $30k that should answer the bank question pretty well...it's all individual...I buy my houses in Toledo on a line of credit (so I can buy 15 foreclosed $20k houses and there aren't any appraisals or bank discussions required...I could buy a boat or cruise with the money if I was stupid enough to choose to do that).

You can contact the state to see if he owns any registered personal property like cars, boats, RVs, Mobile Homes, etc.

It's not just about paying down the debt but about keeping it down - I'll be sure to keep this in mind as I'm in the same boat.

:beer:There goes my new 34 foot boat...

And then I also put in the lease if the rent is ever past due, the discount is null and void for remainder of the lease-charge a $200 administrative fee to process a substitution, and this is clearly spelled out, in the original lease, AND DISCUSSED at the time of original application when dealing with this type of situation-No boats, RVs etc stored-NOISE: All radios, television sets, stereos, etc. must be turned down to a level of sound that does not annoy or interfere with neighbors

I'm in the same boat, so asked a buddy of mine that manages a mortgage brokerage if they were any liar loans available yet, he said not that he knew of...If his credit is good he might can do a small bank portfolio type loan.

@Joe Impagliazzo We're looking at using a HELOC to purchase our next property as well, but are in the same boat and don't know much about them.

I am in the same boat but a few months behind you.