Do you think I can take some of the equity and buy a 3rd prop? We make approx 100k a year including the rents (34k). Our mort. Total 2k a mo. In mort

Asked by Terrimbird, New Orleans, LA Tue Apr 2, 2013

We own a double and a 3 br condo in the lower grdn/ st Thomas. We paid 127k for the double and20k renovations and 160k for the condo already renovated. We would like to buy a retirement home for ourselves and keep the 2 props. We also have 100k down. We are 60 and50 yrs old. And worry about anyone lending us up to 200k....

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Hassan Dabon, Agent, Gretna, LA
Sun May 12, 2013
I "think" it could happen. But I don't know. You Should speak to your mortgage broker. If you don't feel you have a strong enough relationship with your mortgage broker or you don't think your mortgage broker can pull it off, I have a couple of good ones I can recommend.
0 votes
ian cockburn, Agent, New Orleans, LA
Fri Apr 5, 2013
You need a proven experienced real estate investor more than simply a financial advisor.

Experienced investors crunch wood together to make real world decisions...most financial advisors crunch numbers on a spreadsheet...that is too far removed from touching and feeling a property..for being able to touch and feel a piece of a house and see the termites or understand the smells and views from a porch to explain why a tenant would pay premium money to you.. this is the essence of understanding what works and what doesn't.

From the days of digging ditches in faraway places to being in the trenches in New Orleans, we have produced returns on investment exceeding any financial advisors perception of New Orleans...this is why New Orleans is such a great place to invest. The common denominator is old school common sense..achieved with an advanced degree from the school of nails and screws and understanding people and places, not numbers on a glowing piece of vertical glass.
Web Reference:  http://iansellsnola.com
0 votes
Eileen Murray, Agent, New Orleans, LA
Wed Apr 3, 2013
Take your question to a financial advisor .
0 votes
ian cockburn, Agent, New Orleans, LA
Wed Apr 3, 2013
What you need is a portfolio analysis.
We do this for clients needing perspective to leverage their money based on current and future needs.

Email us at ian70119@yahoo.com and we can work on a finite plan of action to help you reach your goals and best leverage your money.

Once we have a plan in place we can see the options pertaining to borrowing if need be.
Web Reference:  http://iansellsnola.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more