I am puting the pieces in place in order to control my own destiny and create wealth via REI in my home state of Colorado.
I am preparing to get my RE license and as a numbers guy (accountant) I'm even considering a mortgage brokers license. These I will use to control my near term cash flow needs.
My question involves financing and starting out. My profile below may seem like a dream but it's all true and my dilemma is too many optons and personal uncertainty about the best method. I am interested in buy, Hold, rent and occasional flip.
1. My personal home. I have a ton of equity that could be taped. I could also use this house as a rental, PITI is lower than some luxury car payments and rent for smaller homes in the area go for $2,000 to $2,500 per month. It's could return immediate significant cash flow even with all other expenses included.
2. IRA - I have a significant sum in my retirement fund and could easily tap it with ERSOP conversion even 15% would be enough to fund a duplex purchase down payment and renovation. Possibly more than one.
3. Personal credit, my credit score is in the statisphere thanks to frugal living and timely bill pay.
4. Any better option I'm not considering?
Any advice or thoughts on these various options would be greatly appreciated.
You have money which is a leg up on a lot of folks. You challenge will be to either a) pull the trigger or b) make a good decision. Generally for an accountant type it's a).
The other thing is that you have to know and accept going in that you will make mistakes. You want to do enough front end work that those mistakes are not catastrophic. That should be fairly easy for you. Don't over think things.
I appreciate your input. I've been reading everything on BP as well as viewing podcasts.
You hit it on the head pulling the trigger and making a decision will be a challenge. Just as determining financing. I hate debt and that is one other hang up I need to overcome.
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