All Forum Posts by: Eric Elmquist

Thanks for the feedback everyone. My next question is, how conservative should I be? I'm a risk-taker, no question about it. I'm an entrepreneur. I know the area markets pretty well, and I know what's "hot". I've identified an opportunity with a fixer-upper that I could probably buy for $400k in an area where the house next to it has a contract on it for $1.2 MM. However, that's a big chunk of change to take from my house and spend on fixing it up! How do I best approach this? Partner with someone and lower the risk?

Thanks for the input. Unfortunately with kids it's not that easy to move all the time.

In thinking about this, what's the difference between buying another house to rent and just using that income to pay the mortgage vs. actually moving into it and renting out my current house?

Hello, I have a large house that is fully paid for in a wonderful area. I make enough money to keep things running and get by, but not enough to really set aside to invest in any great quantity.

My wife and I are somewhat young...35...but I realize time is getting short, and I want to start accumulating wealth. I have this house as a great asset, and I realize I could leverage it to start investing in other properties, but I have some concerns. My biggest concern is using the house as collateral, removing the "paid for" status. It frightens me, as most people say "leave it that way".

Any thoughts?