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Buying & Selling Real Estate

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Sam A.
  • SFR Investor
  • Rochester, MN
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Sell gold/silver to purchase next property??

Sam A.
  • SFR Investor
  • Rochester, MN
Posted Nov 6 2011, 00:26

My first rental is up and running smooth. I bought it outright, financed the costs to fix it up but need to wait 6 months from the purchase date to get a mortgage on it to cover the fix-up financing (5% with mortgage vs. 12-19% consumer credit). In the meantime I am refinancing my primary residence from 6.25 to 4.25 (roughly saving me $280/mo). That takes place 16 December. Shortly thereafter (within a month), the 6 month date will be met and I can pull equity from rental to cover fix-up financing. I work part time and go to school full time, so my income isn't too great. I used most of my cash to buy the first property. I was considering if it's worth it to sell some gold coins to purchase the next property and then wait the 6 months (over winter) and then pull equity out to fix it up in the spring. Any thoughts/ideas? The properties I am looking at would be in the 30-40k range and take around 20-30k to fix up. Thanks!

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