jmzf1958
Dryer sheet wannabe
I've been reading the other threads on the forum regarding rentals as part of retirement income. I own a single family rental and things are going well.
I've been considering buying more rental property, a newly renovated tri-plex, in the same beach town on the gulf coast of Florida where I visit each winter, spending three - four months. Each unit has two bedrooms, one bath. I would use one unit for the time I'm there, then have the management company rent it out the rest of the year. The other two units would be rented as either annual rentals or vacation rentals, again, managed by the rental company. It is a block to the beach and a block to the bay, shops, and restaurants, prime location.
I've talked to a real estate agent down here and the rents generate about $75,000/year. The property is listed at about $700,000.
Interest rates are low and prices are depressed. Seems like a good time to buy. The management company will manage it for me.
I'd like to get some opinions on this. I don't have a lot of money to put down at the moment. How would I go about financing this kind of property? Would banks give me a loan with a small percent down? What are the interest rates on these kinds of properties? Should I get private investors? My credit is excellent, I own land worth about $65,000 and a rental property worth about $125,000 free and clear.
Equity in my home is about $50,000. I have guaranteed income.
Thanks in advance!
I've been considering buying more rental property, a newly renovated tri-plex, in the same beach town on the gulf coast of Florida where I visit each winter, spending three - four months. Each unit has two bedrooms, one bath. I would use one unit for the time I'm there, then have the management company rent it out the rest of the year. The other two units would be rented as either annual rentals or vacation rentals, again, managed by the rental company. It is a block to the beach and a block to the bay, shops, and restaurants, prime location.
I've talked to a real estate agent down here and the rents generate about $75,000/year. The property is listed at about $700,000.
Interest rates are low and prices are depressed. Seems like a good time to buy. The management company will manage it for me.
I'd like to get some opinions on this. I don't have a lot of money to put down at the moment. How would I go about financing this kind of property? Would banks give me a loan with a small percent down? What are the interest rates on these kinds of properties? Should I get private investors? My credit is excellent, I own land worth about $65,000 and a rental property worth about $125,000 free and clear.
Equity in my home is about $50,000. I have guaranteed income.
Thanks in advance!