Hi guys! Wanted to see if you had any ideas as to how to buy a building. My business partner and I have 3 houses paid off and each should be worth $280,000 aprox. Any ideas?
Investor · Columbus, OH · Member since 2016 · 144 posts · 100 votes
5y
Hi Pedro. What size/type of building are you looking to purchase? Also, if you know what your goals are, you can be strategic about how you use your $280,000.
I want to continue leveraging that money. It’s actually 2 properties worth $270,000 each. I also have a flip going on. As of now I have managed to live for free. I’m a bit stock. I want more cash flow.
Rental Property Investor · Tallahassee, FL · Member since 2018 · 55 posts · 48 votes
5y
Pedro,
You can absolutely continue to use your leverage of the properties you own. Just as Tyler mentioned above, start a relationship with a lender. With having three houses paid off cash, you will be able to get quite a bit of capital with a cash out refi. Follow the rest of the steps from Tyler above and use that capital to fund future purchases. You are in a great position, good luck.