Real Estate Agent · Wellington, CO · Member since 2017 · 58 posts · 17 votes
After i take out funds to pay off the credit cars used to rehab, a few thousand to finish some odd-jobs and put some cash back in my pocket that i used to pay off the house, there should be 21k left on this "flip." Basically I am trying to take this 21k & figure out the best way to put it to use to make more money with another home purchase & flip, tax sale & flip, or any other method. thoughts?
Property Manager · Columbus, OH · Member since 2017 · 123 posts · 76 votes
8y
there's $21k left in equity? or have you removed your 8% closing costs from your equity number and the $21k is net take home? bc if you haven't removed your costs to sell then that $21k can be a lot lower. if it's net, sell. or consider refi/heloc to hold as rental while you use the equity
Lender · Syracuse, NY · Member since 2016 · 165 posts · 92 votes
8y
@Marc Roberson I am a huge proponent of leveraging and the $21,000 could be used to finance a flip in your market. For 21k you can flip a property with a 65k asking with 20k in rehab (assuming solid credit and experience). Good Luck!
Property Manager · Columbus, OH · Member since 2017 · 123 posts · 76 votes
8y
there's $21k left in equity? or have you removed your 8% closing costs from your equity number and the $21k is net take home? bc if you haven't removed your costs to sell then that $21k can be a lot lower. if it's net, sell. or consider refi/heloc to hold as rental while you use the equity