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Updated about 8 years ago on . Most recent reply
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Need advice on rental property
I have four rentals that I bought before the crash. Had a grand plan back then but life and work got in the way. I also am self employed in agriculture I own a seed processing plant and I farm in central Washington and do research work in Arizona during the winter so I have a full time job.
My question is I have two of my rentals paid off and I am on track to have the other two paid off in 6 years.
I would like to use the equity in the two paid off to buy more. What is the best way to do that. The two that are paid off generate 1150 per month. The two that I owe on generate a profit of 275 a month with me paying it down.
I am looking at some farm ground with my business worth 3 mil but am not sure how to pull that off. Personally wise I would like to purchase a large multi family or commercial property for cash flow. Help. I do not know how to get where I want to be
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Dave Foster
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@Tony Wagner, It's not clear where you're trying to get to. Are you looking to ramp up your investing, build your core business, or are you preparing to slow down consolidate, and looking at passive income in the next 6 years? Each of these options would require vastly different action today.
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