Leverage is great if you can get the cash to get the huge discount that only all cash commands. Otherwise I’ll use mine to secure the deal. If the returns are good enough I’ll even buy it in the IRA.
Ran across a good deal in December and paid cash. Rehab work is almost complete so I called the mortgage company re: mortgage. Well, I’ve been told I have to wait a year!
Does anyone know of a mortgage company that doesn’t require a 1 year waiting period. Will a hard money lender work? I wanted to take my money out before putting renters in.
I guess paying cash has advantages and disadvantages…
Posted by Jimbob on February 25, 1999 at 10:45:23:
Sell the place for as much cash as you can get, take a portion of that cash, buy another and use it as a rental. You should never pay all cash for real estate. Leverage is the key to wealth.