I was just approved for my 1st mortgage of $225K. I don’t want to invest it all on one property…but want to purchase at least 4 buy and holds (for starters) to increase positive cash flow.
How do I accomplish this?
What is the best way to generate additional $$$ for more purchases after an intial 1st time mortgage in a short amount of time?
I looked at a property in dire need of an extreme exterior makeover 3 blocks from the waterfront with 2 structures on 1 lot.
Can I negotiate cash at closing for renovations?
How much can I ask for?
How is this done?
How can I obtain additional funds to add a second floor to each structure and double monthly rental income?
How is this done when I’ll have no more cash to fix up the place if the entire 1st mortgage goes towards initial purchase?
If I have to put the entire purse into one property I might as well level the playing field and increase cash by renovating and adding on more livable space…especially because this property is so close to the waterfront (3 short blocks!) I know it will increase in value as the neighborhood begins to revitalize and the market goes up.
Please advise soon…I’ve scheduled a viewing to see the interior this coming Monday, 4/17/06. I need educated ‘neutral’ help without asking my RE Salesperson or the Mortgage Broker…as I’m thinking they might advise me to work it out in their favor without putting my investments goals as a priority.