How Much Money Is Needed?
I am presently planning on buying property subject to the existing mortgage but is concerned about how much cash is needed to pay for those little crises that sometimes pop up. I think John Locke stated that a large portion of the down payment should be kept as the "just in case" money until a treasure chest is established.
So, if I purchased five houses using this method and I should have at least two to three months of payments on each home available should a tenant not pay. Correct?
Is it every a good idea to rent modest homes to section eight tenants after purchasing them subject to?
Thanks!
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