What’s the “right” way to build your real estate portfolio? Once you’ve taken down your first rental property, should you focus on paying it off? Or should you buy more properties, even if it means taking on even more debt? You’ll want to hear where we stand in today’s episode!
Welcome back to another Rookie Reply! Today, Tony and Ashley are digging through more of your recent real estate-related questions. First, we’ll discuss paying off your mortgage versus using that money to buy more rental properties. After that, we’ll compare the pros and cons of FHA loans and show you an easy way to estimate closing costs. We’ll also cover some other low-money-down loans that you may have never heard of! Finally, are you struggling to fill vacant units? Tired of apartment tour no-shows? Stay tuned because we’ve got a strategy that makes “serious” applicants stick!
Ashley:
Let’s get your questions answered. I’m Ashley Kehr and I’m here with Tony j Robinson
Tony:
And welcome to the Real Estate Rookie Podcast where every week, three times a week, we bring you the inspiration, motivation, and stories you need to hear to kickstart your investing journey. And today we are diving back into the BiggerPockets forums to get your questions answered. Now, Ricky’s, the forums are the absolute best place for you to go to quickly get all of your real estate investing questions answered by experts like me, Ashley, and so many more within the BP community. So today we’re going to discuss first, how to determine when and if you should pay off your rental properties. Second, we’ll discuss how to use an FHA loan to get into your first multifamily property. And then finally, we’ll talk about the best ways to get your rental filled as fast as possible. So let’s get into today’s show.
Ashley:
This question is who has paid off their rental properties? My wife 39 years and I 42 years currently have three single family homes. I own a business and she works in…