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Updated almost 9 years ago,

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3
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David Edwards
  • greer, sc
0
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3
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Jump start into real estate investing

David Edwards
  • greer, sc
Posted

I am moving to greenville, sc in August.  I have roughly $25,000 to work with, and I would like to start getting into investing. 

I have found a $45,000 house that needs minor cosmetic work (Basically new paint).  2 bed, 1 bath.  If I put 20% down ($9,000) my monthly payments including tax and ins. is roughly $250.  Zillow estimates rent at $800.  That's $550 monthly income if my numbers are close.

That leaves me roughly $15,000.  I would like to use the rest to put a 10% down payment on a $100,000 home to flip while I live there. 

This seems like a good way to get a jump start.  I am able to get 2 properties.  One providing rental income while still being able to purchase a house to flip. 

Is this a good idea?  bad idea?  I appreciate the advice!

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