Need some advise on Real estate investments
##Hi Blinders,
First of all thanks to everyone as I was able to double my salary this year from start to end with all the posts and information from everyone one of you
I am currently at Sofi.
I did buy a single family home(Salt Lake City) at the start of the year for 3% down and currently refinanced it couple of months back for 20% appreciation.
I am thinking of buying a new home with my current exposure to more salary in growing area like Saratoga Springs/ Eagle mountain for less than 600k (major homes are built in last 5 years)
Should I refrain from doing that or should I proceed with it as this will totally take out my credit exposure limit to max(which is 50% of your salary).
Currently am on H1b and my wife has not started earning yet.
All your thoughts and comments are appreciated.
#SaltLakeCity
comments
If you want to invest in RE correctly, buy a house below it's market value, rent it out, refinance your original money out, and repeat.
Net Worth - 160k
Cash in hand - 20k