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Do you own more than 1 or 2 homes?

How do you do that? I have one home which I want to rent in 5 years and purchase a second one. Do you just take out enough for the down payment and then repent that 10 years later? IDK.

Please advise me how you went about using your asset.


Answer Question

Asked by Anonymous at 9:44 PM on Feb. 21, 2010 in Home & Garden

Answers (2)
  • just be sure you don't rely on your rental to bring in income for your other home(s) and on and on.....because sometimes stuff doesn't go as planned!

    Answer by Anonymous at 9:45 PM on Feb. 21, 2010

  • I currently own 5 homes.
    It was never easy, I bought a tiny ski cabin twenty years ago and have a little real estate agency in that area rent it out for me. Recently I bought another tiny rental near Savannah, and again have an agent to keep it rented out.
    The other two properties are my parents and my in laws. Sadly, due to health problems I, in partnerships, have had to take control over the properties.
    The days of borrowing for rental property easily, are gone. You can still do that if you have a very large down payment and a business plan with excellent credit. It's never easy, and you'll always have expenses associated with it. You need to keep all your rental income separate from your money and keep a large buffer for bigtime expenses like a roof or flooring.

    Answer by jewjewbee at 7:44 AM on Feb. 22, 2010

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