What Would You Do With $20k
How far does this kind of money go? I want to purchase a property with positive casflow (greater than 500/mo) for the purpose of wealth building. Unfortunately this amount of money doesn't go very far in my beloved hometown (NYC). I would borrow part of money from my credit card and the other half would be coming from my partner in the deal.
What could this get me in Rochester, NY somewhere else in the on the Eastern Standard time Zone, or anywhere else in the country for that matter. What kind of return could we expect on our equity within the first two years. I don't want to continue paying the ccard company at an interest rate of 13% forever. Feel to offer your opinion whatever they may be but be willing to back them with a reason.
Note: We don't see ourselves as the fixer upper or rehab types. The property would definetely have to have an NOI that would cover the debt, assuming we could find a lender that would finance us.
With 20K you could buy several Sub2 properties. And I'm talking about nice houses in nice areas. I recommend that you purchase John Locke's Sub2 course.
Blessed Investing!
Since your $20K consists of borrowed money at a high interest rate, you probably need to buy and sell something at a profit rather quickly. You did not discuss prices in your community so it is hard to tell you what to do. You might look at sub 2 purchases. There is a forum that deals with them and TCI has its own resident expert in John Locke.
Regards and Happy Holidays,
Ed
My advice would be...
before even thinking about investing the money, write out financial plan and maybe have a financial professional look it over. Make sure you plan for the worst as well as the best possible outcomes.
-my 2 cents
Ana
You likely should concentrate on birddogging or wholesaling properties. My plan is to wholesale and rehab properties to generate the required funds needed to get into commercial multifamily buildings. Everyone's goal is different so its hard to give you good advise.
Hello, just wanted to put in my 2 cents. I am a realtor and real estate investor in Myrtle Beach,SC. Down here, $20,000 - $30,000 can definitely go a much longer way than in New York. I am from New Jersey and just moved down here about 2 years ago. Due to the huge amount of growth going on down here and the huge population growth, I believe this is one of the greatest places on the Eastern Coast to invest in Real Estate. If you are interested in talking about the opportunities here, just contact me and we can chat. **Please See My Profile** [ Edited by SirChristian on Date 12/23/2003 ]
If this is borrow'd money on a card. Please do not do it. Generate this sum some other way. Perhaps a late withdrawal from your favorite Seven/Eleven.
Seriously generate cash from some Negotiation. Cards are too expensive and if you suffer a reverse. Yip.
If the money was as we say, Free and Clear, I can show you a really great investment. But only if it is yours with no strings www.attached.not borrowed. No fair asking relatives. No it is not second mortgages in Baghdad. But close.
Cheers Lucius
philadelphia is great for that AND it's close by so you could get to the property if you ever had to. i can help you out here if you like. pm me if interested.
Sir Christian and Jackman, thanks for the reply. Also, thank you both for reading the contents of the post and sticking to constraints of problem as stated.
Mr. Jackman, I lived in Philly for 8 years, so I'm familiar with the area. What can you do for me in philly, feel free to pm me.