Calling all Real Estate Fastlaners,
I recently came into an inherited real estate property down in Myrtle Beach, SC. I would owe $100,000 total (house is worth $180,000+) in order to be the sole owner but I have already made that decision to pay this with a HELOC (mortgage is paid for, just need to buy-out the other two people involved) and to rent it out on a yearly-lease basis. In addition to this real estate property, I am also inheriting some nice side cash which I immediately decided I want to use for an investment. There is a house down the street that is up for sale for a very reasonable price of $160,000 which I am interested in purchasing and also keeping to rent it out.
This decision would leave me pretty strapped for cash but my money would be in some good moneymakers for passive income. After all is said and done with this scenario, I would be netting roughly $1,000 - $1,500 per month from rent after all expenses have been paid for. (Mortgage, HELOC, management co., etc.)
What are your thoughts on my idea to purchase this second home? I am relatively new to real estate but it is something I have always wanted to pursue and it will definitely put me on the right track to the fast lane.
Thanks,
KW
I recently came into an inherited real estate property down in Myrtle Beach, SC. I would owe $100,000 total (house is worth $180,000+) in order to be the sole owner but I have already made that decision to pay this with a HELOC (mortgage is paid for, just need to buy-out the other two people involved) and to rent it out on a yearly-lease basis. In addition to this real estate property, I am also inheriting some nice side cash which I immediately decided I want to use for an investment. There is a house down the street that is up for sale for a very reasonable price of $160,000 which I am interested in purchasing and also keeping to rent it out.
This decision would leave me pretty strapped for cash but my money would be in some good moneymakers for passive income. After all is said and done with this scenario, I would be netting roughly $1,000 - $1,500 per month from rent after all expenses have been paid for. (Mortgage, HELOC, management co., etc.)
What are your thoughts on my idea to purchase this second home? I am relatively new to real estate but it is something I have always wanted to pursue and it will definitely put me on the right track to the fast lane.
Thanks,
KW
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