Single Mom Wants To Buy First Investment Property
Hi! I’m a 36 year old single mom and I’m a real estate broker. I know how to buy an investment property but I’m having trouble figuring out how do that with my financial situation. I would really love if you guys could help me figure out where I should pull money from or if I should just continue to save and not take out equity. I own a home and owe about $300,000 and it’s worth around $425,000. I have a small amount of money saved as well. What would you do in my situation to make the money work for you?
Most Popular Reply
I would probably keep saving money. Cut discrentionary spending and do 1 or 2 side hustles to increasing savings. Use Excel or Google Sheets to do some what-if scenarios on how long it might take based on certain assumptions being met, and then make those assumptions part of your goals.
Hope that helps.
Mike