My plan for the next year
Okay, so I have one house, I just cashed out a bunch of my equity in it, refinanced at 3.75% fixed. So, now I have about $70,000 ready to invest.
My plan as of now is to buy another house with FHA 203k financing, move there with my roomates. So, I'll have a positive cash flow on the new house (while living in it). Then, rent out the first home (mortgage is $650 without taxes and insurance, and it should rent for $1600).
After I have both houses financed and cash flowing, I plan to do a cheap flip with all cash (20-30k purchase price, 10-15k in repairs).
One question I have is what to do with the 70k in the meantime? I hate having it just sit in the bank. I just met with a financial advisor and he said it probably wouldn't be wise to invest if I'm planning on taking it out in 4-6 months for a flip.
What do you guys think?