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Tag Archives: buying a rental property

Should We Buy Another Rental Property?

About this time last year, we purchased our first residential rental property. We hit a few snags with getting it renovated and rented, but for the most part, I would call the effort a huge success. We had hoped to add another rental property this year, but with our other investment project bogged down, we decided to wait until next year after the everlasting house flip finally sells. Things never seem to happen on my timeline, though, as a house I have been watching for months recently had a large drop in the sale price. I really don’t know what to do, so I’m asking my readers if we should buy another rental property. Let me be honest, I am getting a bit ahead of myself. I don’t have financing secured. I have been churning credit cards, which is not a smart thing to do if you are applying for a mortgage. We originally though that we’d use money from the flip and our HELOC to purchase the next property, but that is not available right now. ¬†We do have amazing credit scores, no debt except for mortgages, and a good cash reserve. If we can get a loan, here ...

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