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I need investment advice
robart
subscriber Posts: 1
I am thinking
about doing a 2 property deal tomorrow and would like to hear what you think
about it. The properties are in extremly desireable areas of the Phoenix metro
area(3,000 sqft. in Chandler & 1700 sqft. in Gilbert). Chandler property is
a sale price of $515,000 and the Gilbert property is a sale price of $360,000.
I will get a total of $65,000 back at the close of both properties. I will live
in one and rent the other out. I plan to use the money to do a couple of rehab
projects. I can borrow from hard money and use my 65,000 to do the repairs.
These type of projects are hard to find but still can make $10,000- $15,000
profit off of each. Also I want to invest in some pre-construction projects but
will have to make some quick cash first to pay my 2 huge mortgages. My problem
is I am scared to do this deal. What if it goes wrong? I have never even owned
a home before. I am young and have never invested money in anything. I make
decent money but not enough to cover this mortgage for to long if my plan does
not work out. I do know a good deal about real estate, I am a mortgage broker
with a background in construction. I think this will all work out but like I
said I am afraid to think what will happen if it don`t. Please give me any
words of wisdom you may have. Thanks from th bottom of my heart.
about doing a 2 property deal tomorrow and would like to hear what you think
about it. The properties are in extremly desireable areas of the Phoenix metro
area(3,000 sqft. in Chandler & 1700 sqft. in Gilbert). Chandler property is
a sale price of $515,000 and the Gilbert property is a sale price of $360,000.
I will get a total of $65,000 back at the close of both properties. I will live
in one and rent the other out. I plan to use the money to do a couple of rehab
projects. I can borrow from hard money and use my 65,000 to do the repairs.
These type of projects are hard to find but still can make $10,000- $15,000
profit off of each. Also I want to invest in some pre-construction projects but
will have to make some quick cash first to pay my 2 huge mortgages. My problem
is I am scared to do this deal. What if it goes wrong? I have never even owned
a home before. I am young and have never invested money in anything. I make
decent money but not enough to cover this mortgage for to long if my plan does
not work out. I do know a good deal about real estate, I am a mortgage broker
with a background in construction. I think this will all work out but like I
said I am afraid to think what will happen if it don`t. Please give me any
words of wisdom you may have. Thanks from th bottom of my heart.
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Comments
One quick statement...Those who invest don`t become wealthy with the "low risk" investments. High risk pays high dividends! Low risk pays a salary!
You can`t be scared to loose. Sometimes putting it "ALL" on the table makes you work that much harder to become successful and in turn will make you SUCCESSFUL! If nothing is on the line, you have nothing to loose and 9 times out of ten...YOU GAIN NOTHING!
Check out the site www.getrealrei.com. It will give you the confidence you need to go into Real Estate Investing! Good luck!