I am 20 years old from washington, I somehow managed to buy a duplex w/$0 down 80/20 Arm loan 80@7.5% 115,000 and 20@11.5 32,000 Yes rates are very high but w/ 0 down and no assets other then my car I had to take what I was given. Now being a landlord at such a young age is good experience I think, anyways, my question is I want to buy more properties. I will be paying interest for the first 2 years and I have no extra money to pay extra on top of my minimum payment. I am losing money rents out both units@$1125 + $115 water +75 add to mortgage payment so I'm losing $190 a month, I know it's stupid but atleast I know now. Did I screw myself? Or is it possible w/ all these high interest rates and expand refi and buy more property in 2 years? Any suggestions? I would deeply appreciate anything from experienced investors. Sounds to me I screwed myself. Both tenants are very nice and on time one is month-to-month and other is on a lease and begging for me to renew it again. Please help Thx!
2006-08-30
12:45:23
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8 answers
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asked by
Dispirited
2
in
Renting & Real Estate