Investment rental properties at this stage in life?
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I'm very interested in investing in rental properties. I'm 22 years old and my wife and I recently purchased our first house in September. We have no debt aside from our house and auto loans and make around 60,000 a year. (together) I'd like to buy a cheaper rental property with multiple units (in hopes of multiplying the return) but with a child due in August, I just dont know if its the "right time". Also, with one mortgage already and our age would the bank even bother with me? I dont have 20% to put on another house right now. What do I need to do to get started and what "milestones" should I have in place before considering this?
Thank you!
Investment rental properties at this stage in life?There's only one way you're going to find out:
This doesn't cost anything, but an investment of time: Make an appointment with a loan officer at your bank, savings and loan or federal credit union. In a cool, calm manner, sit down and "put all your cards on the table".
You'll come away from that meeting as to what you can presently do AND what you should do to get that income property.
At the very least, you'll be told, "Not right now." I think the ONLY reason you'll ne told, "Not right now" is because of the current mortgage market and sub-prime mortgage situation.
Thanks for asking your Q! I enjoyed answering it!
VTY,
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