What would you do with 100k?

Question

So I bought my first home when I was 21 and it was at the perfect time because the real estate market has blown up in Charleston since then. I owe right at 128k and my house is worth between 250 and 300k. My initial plan was to buy myself a new home by refinancing and then renting this house out but now I'm thinking sell and put a down payment on 2 or maybe 3 homes one of which I'd live in. What do the experts out there think?

Nicholas Preston · Answer

The type of loan I got was a business loan, 15-5. Fifteen year loan where the interest rate gets locked in every five years to the current rate. Might be worth looking into.

Nicholas Preston · Answer

I'm kinda in the same boat man. I have four rentals in Danville Va and have used the brrrr strategy on three of them. I have about 100k in stock and was thinking of buying two more for about 30k each and putting 20k into them. I can take them to the bank after seasoning and using forced appreciation pull all my money back out and then some. Use that money to buy some more. Charleston is expensive, find a nice town 30-40 minutes away that has a good rental market. SC is full of nice homes at good prices. Not too far to drive but not nearly as expensive as Charleston. Hope this helps brother!

Justin Smith · Answer

I'm not sure what you should do, but I am/was in a very similar position and chose to get a HELOC on that equity in my primary and used it to put about half the money down on an affordable duplex in a C class neighborhood which is where I could afford and found cash flow. I'm pretty attached to the house I'm in now and would not be able to afford a new one near my current neighborhood at current prices unless I was very patient and open to big projects. Maybe you're feeling similarly, so consider that additional option. If I was young and unattached I would be house hacking in a multifamily (but there are so few out there at the moment).

Jeremy Adkins · Answer

the last time I gambled I lost $500 in about 15 minutes and called it a day so if my calculations are accurate I could probably have a ton of fun for a full day in Vegas haha

Greg Hamer · Answer

Is Vegas out of the question?  ;)