48,500.00 burning a hole in my pocket

sounds great but make sure the cash flow numbers work for you and if you end up getting it all cash thats even better. Congrats

I know how you feel, believe me! What I did when I got my $48k, was I took only $6k and invested it in another property. I did that because I didn't want to tie up all my money in one deal, I wanted to use leverage instead. That left me with plenty to use for more education, marketing or other deals that I came across. I say this because I have a dear friend who used all his money to rehab a house that was a 'great deal' but because he ran into problems it took longer, the market changed and today that house is sitting on the market, vacant, for over a year now. He can't rent it because the mortgage payment is higher than the rents in that area, and he can't sell it because he won't make what he put into it. He's working a j.o.b. now and grows increasingly bitter with each mortgage payment he makes. Just something to consider...
Elena

Hi, Thanks for the advice, i will weigh all options berfore diving in. Thanks again.

I'll take it of your hands and I'll even buy you a new pair of pants with new pockets!

LOL HYSTERICALLY, That was so funny, i just about died laughing. Still LOL probably will all day long HAAAAAAAAAAAAAAAAAAAA.

No problem! I just wanted to share one of the most valuable lessons I've learned from ALL the Real Estate Investment guru's courses I've bought over the years. Use leverage or OPM to buy Real Estate (Other People's Money) and since it's a numbers game, don't put all your eggs in one basket.
Let us know what you decide. I'm not saying don't buy it, if it's a great deal do it, but if there's another more creative way to fund it do it that way and keep your cash reward from your flip.

Good one D!

Elena ;D

I'll go that extra mile...to help a fellow investor.

cause thats how I roll....

Hi everyone, i find these comments of great interest to me because i have just closed deal on first house, start rehab next week!...used HELOC for down payment and will use it for rehab costs. mortgaged balance. heres my dilema..i know in a few years when market turns i would be able to make quite a large profit on it, and i could rent it now to cover mtg and heloc int. payments BUT, then i would have no liquid money to move into next house. how would i continue in building in real estate? my goal is to 'flip' some and keep some for rental income....but maybe just starting out i need to fix and sell this one successfully, build some cash into business and then think about rentals in future. any advice will be most welcome!

I'm kind of in the same boat right now. Deciding what to do with what we have, concerning monies/properties on hand. If you can flip this one for a decent profit, maybe that's the way to go. BUT if you can use it for leverage in your business with some good cash flow, that might be a good choice, too. Let us know what you decide.
Again, Congratulations!!

Rina

I will keep you posted as I get nearer the end of rehab and decision time. Right now I'm planning to put it on the market - if it sells for good price so be it, if not I will rent. So I guess I'm leaving it up to the powers that be to guide me ha!
Rehab starts Wednesday! Hope to have work complete within 30 days. I'll be updating how the rehab goes along the way whenever I can. Good luck with yours and keep me posted as well. Do you have multiple properties? Thanks for all your encouragement!

If you can buy that property with all cash then you can buy FIVE properties with 20% down

I'm just getting time to go back and read posts from the last week. lol (25 pages worth!!) To respect invest2day's thread I'll answer in a new topic.

Hey, invest2day, how's that $48,500 doing? Any definite plans yet?
Sorry if I missed any other posts you may have info in. Just curious how you're doing.

Rina