All Forum Posts by: Robert Henry Esford
Robert Henry Esford has started 1 posts and replied 3 times.
Post: I purchased my first property for 12k want to invest another 40k
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@Mike D'Arrigo awesome ! Thanks for the insight! I really appreciate it !
Post: I purchased my first property for 12k want to invest another 40k
- Posts 3
- Votes 0
@Mike D'Arrigo thanks for the information as far as different debt goes. I think this investment would be a good form of debt considering I can cut a lot of cost by having friends and family who are professionals in their field help me with the building process and so forth. Most of the homes in the neighborhood are 3 bed 2 baths but they are mostly manufactured homes or trailers. There are however a few 2 bedroom 2 baths. Would it being an anomaly be a bad thing ?
Post: I purchased my first property for 12k want to invest another 40k
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This past March I purchased a lot in Gainesville Florida for 12k it was listed for 18k and have been in the process of demolition the house on the property that is too far gone for renovations. I currently have 12k in debt on my car, 10k of debt in student loans, and owe about 6k on a personal Loan that I used to pay cash for the property. I’ve been in contact with a engineering firm designing a home and plan on getting an owner builder permit to start building. I want to spend about 30-50k to build the 2 bedroom 2 bath, live in it for a year then rent it out. I’d be going further into debt to build the house but both my car loan and personal loan will be significantly less within a year. Does this sound like I’m getting too far into debt or could this just be the start to building a nice sum of equity that will help me buy a turn key ready property in the future ?