U
/u/Young_Lad25
Guest
Hello,
I've been researching online, but it's been hard to find a straightforward answer, so I thought I'd seek some advice. I purchased a new build home (single family) in Texas about 2 years ago, which has been rented out for the past year. After hiring a property manager, I find that I am barely breaking even, often losing about $100 after paying the mortgage. I initially bought the house with an FHA loan and a 30-year fixed rate.
Due to unexpected circumstances, I had to rent out the property just after a year living in it, but fortunately, it worked out well. Now that the tenants have been there for a year, I'm considering buying another property. I might live in this new home or possibly rent it out as well. For context, I'm currently living in an apartment with roommates at a very affordable rate.
I'm trying to figure out the smartest approach to purchasing this second property. Do I need to secure a conventional loan and put down 20%? I've noticed that most people asking similar questions don't already have their first home rented out.
To give some context, I am 25 years old and have about $20k saved up, and I make roughly $80k a year on salary. My first home cost $300k. I don't have too much in equity at the moment. I really see the advantages of investing in real estate, and I am single right now and really want to start making decisions on purchasing more properties down the road. What would be the best way to invest at my age?
Any guidance would be greatly appreciated.
submitted by /u/Young_Lad25
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Buying a Second Home: Need Advice
Continue reading...
I've been researching online, but it's been hard to find a straightforward answer, so I thought I'd seek some advice. I purchased a new build home (single family) in Texas about 2 years ago, which has been rented out for the past year. After hiring a property manager, I find that I am barely breaking even, often losing about $100 after paying the mortgage. I initially bought the house with an FHA loan and a 30-year fixed rate.
Due to unexpected circumstances, I had to rent out the property just after a year living in it, but fortunately, it worked out well. Now that the tenants have been there for a year, I'm considering buying another property. I might live in this new home or possibly rent it out as well. For context, I'm currently living in an apartment with roommates at a very affordable rate.
I'm trying to figure out the smartest approach to purchasing this second property. Do I need to secure a conventional loan and put down 20%? I've noticed that most people asking similar questions don't already have their first home rented out.
To give some context, I am 25 years old and have about $20k saved up, and I make roughly $80k a year on salary. My first home cost $300k. I don't have too much in equity at the moment. I really see the advantages of investing in real estate, and I am single right now and really want to start making decisions on purchasing more properties down the road. What would be the best way to invest at my age?
Any guidance would be greatly appreciated.
submitted by /u/Young_Lad25
[link] [comments]
Buying a Second Home: Need Advice
Continue reading...