June 17th, 2010
Do you think this is too quick, or should we proceed more slowly?
Hi! We own an income property – 2 units, and we live in one of the units. We want to buy ourselves a single family home. In order to be able to do so, my hubby would like to buy a second income property, perhaps one with 3 or 4 units, which would give us a bit more income after all the rents pay for the mortgage, and hopefully then some. We would put this extra leftover towards a third mortgage on a single family home. At this point, we could rent out the unit we are currently living in, and move into our new place. My hubby wants to basically buy the second income property and the single family home at the same time. Do you think this is a good idea? I’m kind of nervous (okay really nervous) to suddenly jump from 1 mortgage to 3. I understand the rental properties will pay for themselves, and then some, but it still seems scary to do it all at once. What do you think? Thanks!
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Filed under: Buy Property
Not unless you currently have 100k sitting in your bank account to use as down payments and closing costs. You also need enough income to pay three mortgages. Tenants do fail to pay rent.
You two need to sit down with an accountant and go over the numbers line by line. You do not want the be house poor and eating beans every night.