Exiting Bad Deals, Going Over Budget & the BEST First Rental

by NEW YORK DIGITAL NEWS


Every investor would love some extra cash flow…but at what cost? Does it make sense to go all in on a large down payment so that more money trickles in each month? If you want minimal debt, have no plans to scale, and are confident that your new property will appreciate, perhaps. But if your goal is to buy more rental properties and build your portfolio as quickly as possible, there are much better ways to leverage your cash position. In this Seeing Greene, we help a new investor navigate this exact scenario when buying his first property!

Next, we hear from someone whose earnest money deposit (EMD) is wrapped up in a failed medium-term rental. Should she cut her losses and walk away from the deal or weather the storm until the property can cash flow? Stick around to find out! Finally, we chat with an investor who has gone over his rehab budget and finds himself knee-deep in high-interest credit card debt. David and Rob walk him through the steps that will allow him to consolidate his bad debt and turn a ROUGH situation into MORE rentals!

Get a BIG incentive on turnkey rentals from today’s show sponsor, Rent to Retirement. Visit them at RentToRetirement.com or text “REI” to 33777!

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In This Episode We Cover:

  • Whether you should ever force cash flow with a larger down payment
  • The BEST first rental property to buy (and how much money you’ll need)
  • Saving up for ONE property versus buying multiple rentals
  • Creative ways to get out of a BAD deal (and when to ride it out instead!)
  • How to get back in the green after overshooting your rehab budget
  • And So Much More!

Links from the Show

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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.



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