The next step

People love to vacation in the Poconos. A few years ago, I bought a home in the Poconos and rented it to vacationing families. I sold it at a profit a couple years later.

What would you say if I told you I figured out a way to buy the house pictured above with just about no money out of pocket? It all depends on how cooperative the seller is willing to be. I'm going to present my offer to him later this week.

This is the next step in my 8-year financial strategy. Step one was figuring out how to reduce financial liabilities (trade FJ for Civic, sell Miata, reduce expenses, restructure debt at lower interest rate = better cashflow). Step two is buying property with the bank's money and letting renters pay the mortgage.

I'm touring the house and arranging the financing tomorrow. I'll let you know if it works.