Updated about 12 years ago on . Most recent reply
Making your money work for you
All,
I am at a crossroads and need some advice!!
I recently acquired a HELOC. I currently live in a " fixer upper " that requires some rehab ($30,000)- ($50,000) to update the property and either sell or rent it. I have 40 acres with this property with a few potential roadside building lots. I want to grow my net worth and hold the property I am currently living in, I don't however want to drop a bunch of money in it and not get it back.
I wanted to use my HELOC as a down payment on a rental, but then I wouldn't have funds for the property I reside in. My fiance might leave me if I don't fix the house we are living in ha ha,, buuttt I want to buy a rental to hold on to for cash flow. Help, can I accomplish both of these things, or is it one or the other?? my fear is dropping a bunch of money into this house and never getting an ROI on it.
How can I reach my investment goals without ruining my relationship ha ha? Also, neither one of us are " Married" to this house or location..
_Thanks BP friends-!