Hi:
I have the following properties:
The second approach is to keep all four units and rent three out. But the risk is when market coming down, I will suffer more lose and my debt level is high.
Pls provide your insights.
BTW, I am reading the book "51 Success Stories from Canadian Real Estate Investors". And some story is amazing, such as single mom owns over 10 properties.
If I am right, people just use the HLOC of first house to buy second one, then use second house's HLOC to buy third one,..... This is ok as long as market is up, if market is down, then people will have big trouble and may lose all properties.
Is there any other way to do it which I don't know here?
Thanks,
I have the following properties:
- First house. This house is rented and has around $300 cash flow.
- Detached. This house is my current house live in. The property value going up around $200K now.
New Condo. It is still in construction and will be ready by the end of this year. But I guess it will be delayed. I used HLOC for downpayment and my calculation indicates I will have little cash flow for this unit.
New Detached. This is my new purchase and the closing day is around Aug, 2013 or later.The property value going up around $150K now. I would like to put two units in it (will have cash flow) if I don't want to move in.
The second approach is to keep all four units and rent three out. But the risk is when market coming down, I will suffer more lose and my debt level is high.
Pls provide your insights.
BTW, I am reading the book "51 Success Stories from Canadian Real Estate Investors". And some story is amazing, such as single mom owns over 10 properties.
If I am right, people just use the HLOC of first house to buy second one, then use second house's HLOC to buy third one,..... This is ok as long as market is up, if market is down, then people will have big trouble and may lose all properties.
Is there any other way to do it which I don't know here?
Thanks,