Unemployed with 80k burning a hole in my pocket
Hi,
I'm a single mom with a six month old baby. I have 80-100k of equity in my house I can easily pull out. My plan is to stay home with my child to raise her. I can't get a new mortgage being I am currently unemployed staying at home raising her so buying where I am local in Colorado is not an option. I would like to invest out of state. I've been looking at roofstock.com, but open to other directions. The goal is to build a portfolio of ten houses over the next ten years. Maybe Morrisinvest.com? I'm open to suggestions. I'm going to make this work, I just am starting to get a grip on the details to make it happen!
PS, I'm borrowing a 150k from my grandpa to flip a house down here. Should give me another 50k or so to work with in the next year.
Most Popular Reply
You are unemployed, and you want to put the equity in your home by taking on one of the riskiest investing ventures possible, investing out of your local area. This sounds like a recipe for disaster...and I think I am justified in that assessment since one of the places you have considered investing is with a company that are complete scam artists.
All investing is a risk based activity, but people need to learn and understand better risk assessments and mitigation.
- Russell Brazil
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- (301) 893-4635
- Podcast Guest on Show #192
