Real Estate Investor · Sheboygan, WI · Member since 2015 · 19 posts · 3 votes
So I was running a business and it just did not produce the results I was expecting, and thus I am liquidating everything. I am also about to close on a HUD home I am buying for cash as an owner occupant which I will be living in. It's assessed at about 70K. By the end of everything, I will have the house and 50K cash.
I have one year proof of income, last year, for 25K. If you were in my shoes, how would you proceed? Average building where I live is about 70K. Average is about 1% gross rent to purchase price. My goal is to get a net worth of 1 million in 5 years. How would you proceed?
Lender · Rockville, MD · Member since 2008 · 498 posts · 199 votes
10y
Raimonds Lauzums if I understood your post, you have the means to pay cash for the property, live in it with the hope to convert to rental in a year or so, still have $50K left, and you previously owned a business that did not cash-flow, right?
If all the above is accurate-then it is a no brainer. Do it!
You are an entrepreneur - yes, while your last business did not pan out, you'll come up on top again and again. It's your mind that is the asset, and if you took a risk and courage to start a business before-I am confident that you will find another opportunity to create money. You belong in the small percentile of the population that creates opportunities and the source of income. Good luck.