Awesome, congrats on the first rental property! 

How many property will you need?

Today, the property is worth $95k and I find it very difficult to do a cash refi or HELOC to purchase other properties because it’s in an LLC.  

I have an opportunity to purchase an off market deal on a property in MD. 

If you are doing your part and really looking at the property and dug in deep on the underwriting, you should be good to go.

We have stared the project about a month ago, completely new interior including adding new HVAC all new electrical, flooring, cabinets, tops and so on along with new driveway exterior paint and some siding.My contractor is also an investor, so we were lucky there, good insight to share and also, he has lots of leads for renters.But he is NOT a good photographer LOL. here are some progress pictures .Also, I will like to share that we are closing on one more single-family property early next week and we have a duplex under contract._________________________________________________________________________________________________________________________________________10/12/2024.

Hi Kristi,If you plan to hold the property for the next 5 years, opting for a 5 year prepayment penalty makes sense, as it will significantly lower the rate.

I would think they would.I was just thinking after seeing someone one the news who had their life savings in Florida STR's.I think it is important to diversity and not have all income producing properties in one place especially when it is prone to a certain type of potential destructive weather. 

I spent 14 years as a CFO/CPA for a $300 million farmland management and equipment auction company in North Dakota. Last year I left it all and purchased a boutique STR company in Arizona. It has been quite a journey ...

I can no longer contribute to a ROTH IRA and am looking for ways to accumulate more liquidity long-term to continue purchasing rental properties.