New Investor Needs Cash Help Have Equities
I started a rental home business with 100k now its all gone and I have 3 rentals about to net me 1500/mo cash flow/mo. My personal house,the last house I buyng will wipe me out, and I need cash for back up if a renter suddenly leaves. ALSO, I have to purchase a precontruction home that will be ready in 5-6months. I will need at least 30,000.
Whats the best place to get the 30000 I need? One investment house is worth 185000 and i paid 160000, (only owe 128000), but only 6 weeks ago, can I extract equity? Another investment house has a great rate on a heloc of 4.125 balance 118000 worth 155000, I own this one for 3 years, the last investment house has a great 1st n 2nd but has 40000 equity traped!!
Or I can borrow 25000 to 100000 plus at zero or 4% from many credit cards, hurting my credit rating but giving me a cash back-up .If my biggest renter leaves my cash flow is down to 800, then i have to pay the 1000 mortgage so my cash flow is -200!! I AM UNSURE of this renter : its a lease option and I am buying a house to move into because of this weak lease option renter. He is selling his house with a slow close, and was supposed to start aug 1 renting from me,but no close so I put him off to move in 8/17, the day after I close on a good but pricey house, should I drop this deal on these expensive houses?
The morgage i get on the US pre contruction home may be from the builders lender UAMC will pay 4000 in closing costs or may be real strange---I probably will sell it right away...how do I do that?? www.fsbo.com? whats the best mortgage in ths situation? Thanks for all your help!
User Name: grabi777
I would suggest you explore one of the larger Brokerage firms that have a health plan that you can slide into. Might be a bit difficult as it is pre existing, but explore. Frankly a lot of the license's are Bi Polar and they work at it. What you suffer is not rare but you are a little young for it. But wot the hell in for a dollar and away you go. I would get involved in the aspects of agency tasks that most do not get into. I would become big stuff in assemblege. You know you see a dying business, a vacant lot and a used car lot. You list the one in the middle and one other then make low ball offers into the other. You tie them all up in escrow and then go sell the package. Always worth at least 25% more. Get super creative. Do multi use buildings on you assemblage's attract investors, line up a builder and blow up in full Bi Polar Array just so they know who is king. Relax, you will fit right in. I used to work for a guy that I had to sit on him about once a week until he settled down. I took to pouring cold water on him and he made a quick recovery.
Good luck.
Lucius
¡Hola! Nocturno
Do not, please, do not compromise your health for any reason!! It is not a worthwhile risk. Having had someone close to me who was bipolar (my exhusband), I know that not only would it be too risky, but also, without the meds you could compromise your REI plans. Please don't do it! I know the meds are expensive (pardon me, but I feel that the drug companies are rotten, and are actually extorting $$ fr. people, but I won't get political here!!)
Let me explain that I am still in the process of starting my REI investing career, (in other words, I'm just reading about it right now) and have been thinking about getting my RE license, also. However, if I do, it'll be simply to get ahold of properties on the MLS before they disappear. I'm headed back to Massachusetts (I'm in Tucson right now) where the market is extremely hot - and very expensive. So I want every advantage I can think of to find properties. Then again, I may not even need to go that route.
I have every intention of getting John Locke's book, or his course. His book is $189, the course is $689, but from what everyone says, both are worth more than many courses that are in the thousands. He gives his phone number with both, and he is there to hold our hands through the process (subject-to) if we need it. Now THAT's what I need! My money is short right now, so I think I'll get the book - plus, he'll subtract the cost of the book fr the course if ya want to "upgrade" later.
But please don't compromise your health for any reason!
Why not take the $15/hr job with benefits, get your real estate license to be a very part time realtor and still do the investing??
If at all posslble, you should work for yourself. as opposed to a job, generally speaking. A very wise friend of mine once related that you're better off working for yourself for half of what you'd make working for someone else. It will eventually reward you in the long run, and it's like owning as opposed to renting. You have a place to hang your hat.
"Being an agent means no medical plan..."
Tough. Get your own, and maybe one for you AND your employees down road. It's part of the price of becoming independent, and sacrificing being taken care of by someone, like a privileged dog who gets his own veterinarian unlike the tough dogs in the wild.
You may not be able to swing it right now, but if you can, or have a window of opportunity, I would.
BostonBabe,
Thank you all and bostonbabe for your comments. I have a few question bostonbabe. I know might seem kind of rude to ask, but hell I'm with a condition that needs to be worked and known.
Does your ex-husband succesfully lives WITHOUT the pills or medications that he takes?
Because what will happen to me if I don't take my pills, I will get VERY euphoric and with such confidence in myself that I never felt or experienced ever before
and...
The sad part is depression on Holidays because of not having confidence and yata yata.
But I finally worked and got thrue those experiences, I think I can control both of them now that my mind is in the rigth side and knows the reality of things.
What was your experience with him?
Your help with this answers will be very appreciated.
Joaquin Miguel
Joachim -
This is off topic, but, no, my ex does not work successfully without his medications. BUT the worst part, is that he is not aware of just how disabling his condition is when he does not have his meds. In fact, one of the reasons I finally decided to leave him was because of his refusal to take the meds.
I also know someone else who has the same condition, and it is the same with her.
I know you have to have doctors who are always monitoring the effectiveness of the meds they prescibe - it's a pain, and it is expensive. But if you do without the medicine AND the medical help, you will be the last to know just how bad you are affected.
Not to mention the strain on family and friends!
I don't want to risk losing my insurance - my (adult) kids don't have any, and they've had to deal with horrible bills.
I plan to make sure that I don't lose my insurance until I am able to get my own policy. My goal is to get my RE license when I get back to Massachusetts as an added tool for my creative REI career.
But John Locke's book is DEFINATELY going to be first in my game plan.
Good luck!
Thanks for your comments. I don't know if I will have to take this 4ever, but I'm sure I will try to leave them and see what happens for the 3rd time. Deppression is a mind thing, your body should not control it...will fight with it and see if I can beat it once and for all.
Damm pills everyday, sucks. But thanks for your comments...it sure helps me adjust my future decisions.
By the way, what John Locke course, you say? Is it the bestseller in here or other?
Let me know,
Nocturno :-o