Updated about 6 years ago on . Most recent reply
Trying to decide what to buy
I am currently retired and have been rehabbing full time. In my local market it has become difficult to find properties to flip due to low inventory and everything is over priced. I also use my funds to buy and rehab the properties. I hate the pressure of hard money. I am concerned that if I use all my available cash on buy and hold, I won’t have money to rehab when I find something. I have three other properties that I own outright that generate 2300 a month after all expenses. I am currently 46. My goal is $10k a month in cash flow by age 56. I don’t want high maintenance tenant’s. I have about $450K equity and $150K cash on hand.
What would be the best way to hit my goal. Thanks for any help.
Most Popular Reply
If "downright own" means that you own those three other properties outright, then leverage those and go shopping! That's what we do...business HELOC on property #1 provides for cash offers and rehab, then sell house at end and repay, rinse and repeat, or you can rent out and refinance if you prefer to hold. Your position is golden and the sky is the limit. Go kill it! I hope that helps.
- JM