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Depending on your financial situation. People do it everyday. If you can afford to get a good renter in who is timely. You just need to know that you can get a good deposit, "usually at least a full month, or a full loan payment ahead" set aside. Also, you might consider getting ahead a few payment anyway, just to secure yourself. Then purchase your next home. Look for something that has been forclosed on or a fixer upper. That appraises high, you can always get more money, fix it up and maybe sell it to pay down on your rental. Buy another one the same way, fix it up, rent it out, The next one buy and sell to pay on the last one. Always setting up your credit and securing yourself. Of course watch your turn over time on your loan. Depends on your location, how fast you may sell the property. Check your multiple listing service in your area to see how fast properties are selling so your not having to come up with that payment. Extensions are usually available on construction loans, know what they are when you get them for the fixer uppers. Hope it helps. Patricia
Nov 13, 2008 at 8:46 PM
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