What should I do with 15K and a 20K IRA?

Question

Hi everyone!

My husband and I live in Centreville, VA (Northern Virginia) and already have a rental property in Atlanta.  We want to do some flips to gain more capital.

We would like to invest outside of our area since it's extremely expensive. We're currently interested in Chicago and Baltimore.

Right now we have 15K cash and 20K in an IRA. We are also eligible to receive a bundled mortgage + rehab loan (not the 203K loan) for a property up to 150K. What should we do with it?

Gabriel G. · Answer

@Sidney Stephens I think it depends on your situation. Do you work full time? How involved do you want to be with your investments? have you ever flipped before? I'm a newbie but I believe that flipping is harder (not impossible) to do long distance. You will probably need to have a solid team that you can rely on before you can do something long distance. Just my $0.02...

Sidney S. · Answer

I have quite a bit of flexibility at this time so I would be able to devote quite a lot of time to this endeavor. I would like to be heavily involved but am unable to commute all the way into Baltimore every day for example.

I cannot wait to have my vendor list done and a team in place for sure. You're right, there is quite a bit more pressure to have a team when it's long distance.

Sidney S. · Answer

@Justin EricssonThanks for reaching out. I will be in touch.