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Updated over 18 years ago on . Most recent reply
Please give me your advice on this critical investment decis
Hello...I'm a fairly new realestate investor with a big decision to make....
I'm hoping you can give me your advice after I give you the details of my situation. It would be helpful to also know what your reasons are if you plan to give any advice as well as your own level of REI experience. So please include that with your reply...
Okay here's my situation as a Real Estate Investor....
I'm 31 years old. I'm at this moment I own one 15 unit apartment building. And I have about $525k cash which I'm considering using to purchase another apartment building. At this time I have my eye on a property that I'm considering buying. If I went through with this deal I'd probably have very little left as far as liquid cash goes. The property I'm looking at is about 3 times the size of the one I own, so about 50 units. And it has pretty good cap rate and cash flow. Following which, I may just have enough to look for a third small property or just wait and sit on the two properties.
OPTION 2: The other option I have is that I could sell my 15 unit building. After selling it and paying off the mortgage I'm likely to pull out about $575k. I was thinking that I could combine that with the cash I have liquid and then go looking for an even larger property as I'd have most likely just over 1m cash for the downpayment.
Like I said I'm 31. I have another income from my main business outside of realestate which easily pays for my living. So I'm just trying to figure out which would be the best "power play" over the next 6 to 12 months that I could make that would be the wise choice? I mainly want to build some security in property so that in the very unlikely event that something unforseen was to happen to my main business then I'd have a back up.
Let me know what you'd do and why?
Mark