How Would You Leverage 20k Cash?
We all agree that you can only attend so many seminars, buy so many courses, and read so many posts before it is time to put up or shut up. This is where I am. As bad as I have wanted to get into the game, regardless of the deal, the lack of being able to afford "one missed payment " has kept me out. But I think I am close to kicking the door down. Pending appraisal, we are in the process of refinancing to an interest only and cashing out about 10-20k. Rather than use this to pay off some debt, I want to use it as my "cushion" and start buying RE that will pay off the debt. Therefore I want to see how far I can make this money go and keep recycling it rather than buying a $100/month PCF. I'm thinking rehabs and flipping. I have partners willing to participate. The thought of being able to show a lender "reserves" also comes to mind. I intend on sitting on my hands until I get back from the Orlando Convention, thinking I will find confirmation there, but I wanted to ask all of you.....What would you do with 20k cash to make to make a fast profit?
I would get a HUD property with a good resale value and put as little down as possible, rehab and flip it, but making sure I did my homework as to resale value and possibly having a buyer set up before I bought it.
Just dreamin, but good luck to you. Having 20K to start is a heck of a start I say.
Lorraine