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Thomas Harrelson
  • Colorado Springs, CO
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Money for real estate

Thomas Harrelson
  • Colorado Springs, CO
Posted Mar 25 2014, 09:58
So I have a predicament, I have some cash saved up (about 20k) plus I own a house outright (valued at 120-150k). I believe this would be a great financial start for me but I have family living in the house for free. There is no cash flow for me. I want to start investing in real estate, specifically flipping houses and I think with my money saved plus the equity in the house I have a pretty good head start financially speaking. I know I should charge at least rent or something and I really want to sell the house, but this requires me to evict my family currently living there. I cannot do that. I have thought about liquidating the equity in the house but then it is a race against time because I have a loan on the house and I also know nothing about flipping houses nor real estate. I want to do this but there is a whole lot of unknowns. Does anyone have any advice or thoughts for me?

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