Short-Term & Vacation Rental Discussions

User Stats

8
Posts
4
Votes
Shannon Smith
4
Votes |
8
Posts

USING ALL OF OUR SAVINGS TO BUY STR

Shannon Smith
Posted Oct 9 2022, 19:33

We have $100,000 savings in the bank. We found an amazing and unique $500,000 house with 5,000 taxes. We can put 10% down and with closing costs spend about $75,000. We will easily spend the remaining $25,000 in misc furnishings, paint, etc. We will have to live off of our checking account and the income from this house for one year until we get a bonus check from work. This house is already generating $3,000 per month on just 1 of the bedrooms in a 5 bedroom house. I feel like it’s such a great investment cash flow wise so we shouldn’t pass it up…but I’m super nervous given we’d be spending all of our savings right now. What would you do? 

User Stats

169
Posts
42
Votes
Miguel Castillo
  • Investor / Real Estate Agent
  • Aurora, IL
42
Votes |
169
Posts
Miguel Castillo
  • Investor / Real Estate Agent
  • Aurora, IL
Replied Oct 27 2022, 06:47

I think you know the answer to the question already. I would definitely do it, there aren't many great investments around anymore. If your numbers work and you've done your math and the only think holding you back is your emotions, go for it and don't look back.  Good luck to you.