This is my plan-What do you think? - Posted by Rose
Posted by Rose on March 24, 2001 at 24:04:02:
What do you think aobut this?
Since I am still catching with all the REI info (I am new in the market), I am exploring different options.
In my residential home (2 years old)I have 35% equity. When I am checking around for lenders, they told me for investment house I need 20% down. I want to buy a second house without putting lot down. (I haven’t learned all about nomoney down yet)
What I am thinking is to lease or leaseoption my house.
(Please advise me on which one I benefit most since I have $300-400 positive cashflow monthly if I rent it). Want to find another home with some fixup to do like carpets, paint, cleanup yard, tlc…type work.) If I live there for a year I can buy this as a residential home I heard. After a year I might look into renting it out or do leaseoption and buy another.
Also after buying my 2nd house, I want to purchase another small house with my son (he is in early 20’s)as a partner. I was told by lender as long as he lives there for a year we can claim this as a residential.
I don’t know all the details about how this helps in Taxes??? I am trying to find the ways of not putting a lot of down.
Any suggestions on what I am thinking??? Is this pattern a good deal? I have excellent credit and wondering whether I am going to have any problems in financing through mortgage companies? Do you recommend any??
Ofcourse I will be looking at other nomoney deals also for investing during the above process.
Appreciate your feedback and thank you in advance.