Hey guys im new here and have some questions. I was already trying to aquire properties before i heard abput all this cool stuff. Just curious on how to proceed. I own 1 home worth 220 ish with a va loan for 280 and 4.5 percent. It is rented and breaks even not coumting maintenance( which there hasnt been yet). Im guessing theres not much i can do with it. The renters r great and take care of it. i own my residence at 180 @ 4.5 percent fha. This house is financed for about what its worth. Should i live here, i think i can option it but not sure if i can. This house should rent for about 1600. Mortgage is 1300. third house in question is a shprt sale with an offer accepted and just waiting on the bank. Should close in 2 months or so. Price 70k rent of 1000 a month. 14k down traditional financing. I was thinking option to get some of my down pament back or juat renting. Let me know what u guys think. Thank you for the help. btw im in las vegas and all 3 properties are in the nprthwest part of the city.
I think you need to research the “50 % Rule” on this site. Then sit down and put some real numbers, all the numbers, on paper on those 3 properties. Pencil out your own home as well like it is a rental. Put the numbers down here to be evaluated.
It appears that you might be over-indebted. Are you in a big single family home because you have a big family? Do you have a regular day job?
This beginning snapshot can show you where to go from here.