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Subject:  Re: What's your magic number? Date:  8/6/2003  8:12 PM
Author:  FoolMeOnce Number:  92 of 5255

Dilmatz writes:

I'd like to get more info on rental properties and how to make that work.

I have been buying and leasing single family homes for about 25 years now. I will be happy to attempt to answer any specific questions you might have.

Do I need to save for the down payment on those or can I/should I borrow against my house?

Nothing-down deals are possible through a variety of techniques. I don't advise purchasing properties unless you have a sufficient amount of funds in reserve (in addition to any down payment) to handle unexpected events. Borrowing finds from your house to provide a down payment is feasable, but always be attentive to the true cost of using other people's money. Don't do anything like this unless you have sufficient financial depth or stable job expectations that you don't risk getting yourself in trouble.R

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