All Forum Posts by: Elizabeth Enlow

@Omar Khan Yes I would say it was a C type property. Not D, definitely, but C. It is in a 75K property area so around here that's not too awful. However you raise a very valid concern. May I ask, how would you suggest investing (without quotes!) this 55K for maximum cash flow? My problem with looking at B properties, is that the cash flow diminishes to almost nothing. My goal is to replace a portion of my current income with rental income as soon as possible, so I'm mainly considering cash flow. It seems that it's a matter of investing in more B properties at lower cash flow per unit.

@Account Closed You're right, I wouldn't have any more funds to fix it up immediately. I would hope to put the net profits back in over the course of a couple of years to get the major repairs done. Is this a valid strategy? I don't need the cash flow right now, I have a 9-5 and just want to get started. As for the renters, well, they are obviously not my choice, but they are there, it appears they pay, and they have been renting for 3+ years. 

Thanks for all your replies so far! 

@Nick Slayter Yes, I do want to get my feet wet! I am by nature quite cautious. I thought perhaps that once I'd brought this new property up to scratch in a year or two I could do a cash out refi on it for another property. 

@Account Closed The thing is, yes, I do want more than 1 property, but in the range I'm looking I keep getting beat out by cash offers and I can't get a mortgage for such a small amount.  So in order to get my first property and the deal I want, cash seems to be my best option?

Hello there I'm new to the forums, and to real estate investing....my question may be simplistic :) I am considering pulling $55K from my primary home to pay for an investment property in full. The reason(s) being I can't find a mortgage at a reasonable rate for under 50K, but also I want to offer cash to hopefully get the deal. My plan was to cash out the primary (I have around 75K in it) and use for several downpayments instead of one in full cash payment, but then this property came along. Not sure if I should pass on this one, and try to leverage my primary for more than one property. Wondering if anyone might have any insight on this situation? Thanks in advance for any help.