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Updated over 4 years ago on . Most recent reply

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3
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Skylar Smith
  • Contractor
  • Franklin, IN
0
Votes |
3
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350K to invest. Where to start! Young investor

Skylar Smith
  • Contractor
  • Franklin, IN
Posted

Bought my first house when I was 19 and completely redid the house. At the time I was put onto the Dave Ramsey plan and my goal was to obviously pay everything off by 25. So I liked redoing the house I was living in so ended up flipping about 6 houses and was able to pay off everything I own. I now am at a point where the house I live currently is worth about $375k and I have bought a lot of equipment to flip houses. Would love some advice on what someone would do in this situation moving on investing in Real Estate. My first option would be to keep buying houses that need work but then turning them into rentals with equity already there. My second option would be to keep flipping and just keep saving up cash for when the economy finally goes down in Real Estate to buy cheaper rental property.

Thanks for all the advice in advance!!!

  • Skylar Smith
  • Most Popular Reply

    Account Closed
    • Specialist
    • OverTheRainbow
    909
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    607
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    Account Closed
    • Specialist
    • OverTheRainbow
    Replied
    Originally posted by @Skylar Smith:

    Bought my first house when I was 19 and completely redid the house. At the time I was put onto the Dave Ramsey plan and my goal was to obviously pay everything off by 25. So I liked redoing the house I was living in so ended up flipping about 6 houses and was able to pay off everything I own. I now am at a point where the house I live currently is worth about $375k and I have bought a lot of equipment to flip houses. Would love some advice on what someone would do in this situation moving on investing in Real Estate. My first option would be to keep buying houses that need work but then turning them into rentals with equity already there. My second option would be to keep flipping and just keep saving up cash for when the economy finally goes down in Real Estate to buy cheaper rental property.

    Thanks for all the advice in advance!!!

     If you want  a job and high taxes, Flip. If you want wealth and No taxes, Buy & Hold with Subject To and Lease Options. You can still put your hammer to work if you want, but you get to keep the proceeds.

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