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Updated almost 12 years ago,
Fresh start investors
We currently live in Ohio and are relocating to Florida. The Ocala to Winter Haven area. We are basically starting out fresh in a real estate career in our Mid 40's. Our Daughter lives in Florida. We have just finished up careers here in Ohio. Husband was in the Outdoor Business for 30 years and had his stomach full and I lost my job nearly 2 years ago due to close of the company. A blessing now.
My Husband has extensive experience in construction and rehab as well as experience in several real estate rehabs and transactions, so he has a little knowledge in Buying and Selling, even rentals. Im the researcher and financial/credit power and he is the muscle, talker and rehab expert in our marriage.
Here is our situation. We own our Home in Ohio, our vehicles and so on. No Debt other than around 3500.00 in CC debt. Our home is worth 68k. We have about 15k in cash but do not want to spend it. Our Daughter thats here in Ohio will be purchasing this home but the close will be around 90 days from now for various reasons but will result in about 62k in cash back to us.
We want to get moved to Florida and focus on New Careers in the real estate business there.
The advice were looking for is the options to get started right, and started right the first time. We lose and there is no recovery that we see, so doing this right the first time is crucial.
We have considered putting a mortgage on this place in Ohio, to have the cash in the bank to go to florida. Find a place there, which we are leaning toward a foreclosure deal, and put the minimal down payment on and finance the rest. OR pay cash and then mortgage it? Once our Ohio home is closed, the 40k mortgage we are considering will be paid leaving over 20K. Our thought is that would leave us around 60k in the bank with a home purchased in Florida and leverage to move forward. Our goal is to Rehab some homes and incorporate renting as well. A mix of the 2.
Any thoughts or suggestions on how to start off heading to the finish line with out using our cash?