What Would Your Plan Of Attack Be With This Property?
I'd like to get opinions on a property I own. I bought this piece about 3 years ago.
It is a 30,000 SF office/flex complex that has 7 buildings. Totoal acreage is right around 6 acres. It's in Indianapolis and not too far from the Indy airport area (w/i 2-3 miles).
Currently, the place is fully leased and cah flows conservatively $5,000 per month (60k per year). I have been taking the cash flow and paying the debt down as quick as I can. My plan has been to get the place paid off as quick as possible and then enjoy the cash flow as additional income and as a way to buy another property.
I'm starting to think I should be using the cash flow right now to help buy another property. To date, I have built up around $300,000 in equity, so I could always borrow against that for a downpayment on something else. Don't know what the answer is....lookiing for ideas.
I have a "day job" but goal is to build up own holdings enough to only use day job as a base of operations, a car, insurance, and a salary for living expenses. I just turned 36, so I think I have a good start but would really like to make a big push by the time I'm 40 and have some things paid off by 45-50.
Would love to hear ideas and appreciate all replies.
Thank you
Keep your day job to pay expenses.
Keep cash-flow and pay down property.
Take a credit line against property to do some other adventures:
-Retail properties
-Wholesale properties for
immediate cash-flow
-Rent properties long term
appreciation
I would also educate myself. Purchase
Ron Legrands cash flow modules on this site. Go to "Shop" under "consignment".
The key is to educate yourself. I am sure you went to school to do the job you do right now, correct?
Best Riches,
Jeffrey Adam
[addsig]
I love to hear continetal US stories mentioning phenomenal prices and the size of space t comes with that:
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" It is a 30,000 SF office/flex complex that has 7 buildings. Totoal acreage is
ight around 6 acres. fully leased and cash flows conservatively $5,000 per month "
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As far as your indecision to buy the next property, I can strongly advice that you put under your hat as many properties (with positive cash flow) as you can! Down the line you can always decide if you want to keep them or sell them but more properties means more appreciation and that is the No. 1 RE benefit.