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Updated over 2 years ago on . Most recent reply

User Stats

72
Posts
28
Votes
James Robert
  • Flipper/Rehabber
  • Cincinnati, OH
28
Votes |
72
Posts

Plan on action? What should I do?

James Robert
  • Flipper/Rehabber
  • Cincinnati, OH
Posted

Hey guys - I am a 25 year old Realtor. I bought a house 9 months ago for 183k, just sold it for 255k. Closes oct 20th & its passed inspections. Thus being said - I now have money to play with. Should I buy a turnkey property with 20% down and just put it on Air bnb and rent a place for a year? Or should I owner occupy something turnkey with a 5% down, live in it for a year then air bnb? I don't want to live in a flip again it was bad for my productivity at work. 

What would you do with 70k and no place to live yet?

Most Popular Reply

User Stats

28,061
Posts
41,067
Votes
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
41,067
Votes |
28,061
Posts
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied
Quote from @James Robert:

I would start by sitting down and thinking about what you are trying to achieve. Without knowing where you want to go, it's hard to ask for directions.

Are you looking to build financial independence? Do you have no idea and just like to buy/sell and see what happens? Do you want to be a multi-millionaire by the time you're 40 and retire to a beach in Florida? Maybe build a nice business that supports you while you focus on building a family?

I believe the smartest way to grow for a young, single person is to house hack as many times as possible. You can be financially independent in your early 30s and making some serious money. All it takes is a little knowledge, sacrifice, and hard work for the next 6-8 years.


  • Nathan Gesner
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The DIY Landlord Book
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