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Updated 1 day ago on . Most recent reply
Strategy suggestion for next investment?
Hi, in Septemeber of last year we purchased a small (8000 sq ft) lot of unimproved land. Since that time, we have cleared it, brought in utilities, and placed a 1997 mobile home. The home does have a title with it but needs a lot of cosmetic and flooring work along with some other repairs. We connected all plumbing electric and working ac. We listed it as a "handyman's special" and are now under contract. Our total expenses are around $40k and we are selling it owner finance for $80k.
we are very interested in doing another like this but selling for less in order to get cash. However, we did all of that out of our personal savings account which is great to have no debt but now we are very low on cash. I've heard of fix and flip loans but this type of situation wouldnt qualify for that. We really don't want to go into much debt but would consider a short term loan just to do something like this again and make a little cash. We are thinking that might be a way to build up enough cash to where we could eventually invest in multiple long term rentals and quit regular job. Would love to hear any suggestions for a good safe strategy. Thanks in advance