We are 10 years into our first home and getting the itch to move into a little more space. I've been studying/ contemplating acquiring rental homes for a few years.
Since finding the first deal seems to be the most challenging part of getting started it occurred to me that we may already be in our first deal. Based on what I see in our area I'm confident we could rent it for $400-$500 more than what we're paying in mortgage, taxes, and insurance.
Our home is in really good shape, and maybe with just some interior paint it would be rent ready. Being 10 years old I would likely have the roof inspected too. So it seems that w/ our existing home I have already covered the rehab/repair steps that I would have to take compared to other properties that need work.
Anyone have experience doing this; any practical advice to share? What are lenders looking for?
thanks
Since finding the first deal seems to be the most challenging part of getting started it occurred to me that we may already be in our first deal. Based on what I see in our area I'm confident we could rent it for $400-$500 more than what we're paying in mortgage, taxes, and insurance.
Our home is in really good shape, and maybe with just some interior paint it would be rent ready. Being 10 years old I would likely have the roof inspected too. So it seems that w/ our existing home I have already covered the rehab/repair steps that I would have to take compared to other properties that need work.
Anyone have experience doing this; any practical advice to share? What are lenders looking for?
thanks