I Need Advice Re: Cash Out Deal
I am going to receive cash out at closing for a property That I am investing in. Would it be better to invest the cash into another deal so that I can make more money or should I just rehab it and wait for it to be ready to rent? I want to do both. But I 'm not sure how much I will need for the next investment and 40 grand sounds like a good start for me. Can any one give me their thoughts about this? What would you do with the 40g from cashout?Please help I need advice!!!
Make sure that you are going to get enough rent to cover your loan initially if you have one. If you have a good cash flow you can move this cash to a new deal or use the equity from the 40g to purchase the next deal. Make sure you leave room in the rental in case something comes up where you need to get out of it. Remember that cash is King. Do you want to make the quick nickel or the slow dime. Its up to you. Find another good deal and duplicate.
It would be a good idea to share with everyone how you got 40g back at closing.
[addsig]
I am getting the loan for an amount in between the asking price and the appraisal amount. I am still leaving over twenty thousand in equity in the home.