new Haven, CT · Member since 2016 · 14 posts · 11 votes
Hey BP i am long time here on biggerpocket but always read and learn ,my write english is not perfect,but i speak pretty well.
I have my another 2 business working very well and i start learning about real estate so u invest in pass 4 year in condos .let me tell you about those 5 condo. Also just finish my first flip and on the way do to second one .
What i shoud do next to prove my strategy and build more.all condo is paid off not bank own.shoud i save work and buy more ,or what option i have it . thank you
Rental Property Investor · Cleveland, TN · Member since 2015 · 176 posts · 58 votes
9y
You are in a great position. Depends on your personal goals. Are you looking for cash flow so you don't have to work? (assuming you currently do). The answer depends on your goals. Sounds like the properties are cash flowing (without knowing your other numbers). Personally, I aim for cash flow but occasionally do flips for cash. If your the aggresive type, (financially speaking) you could cash out some of those properties and buy more. I am more the conservative type and prefer building slowly with minimum risk. That's just me. Just define your goals then take the steps that will alwasy bring you closer to your real estate goals. If your 20, you have time. If your 55 years old, you may need to speed things up.
You are in a great position. Depends on your personal goals. Are you looking for cash flow so you don't have to work? (assuming you currently do). The answer depends on your goals. Sounds like the properties are cash flowing (without knowing your other numbers). Personally, I aim for cash flow but occasionally do flips for cash. If your the aggresive type, (financially speaking) you could cash out some of those properties and buy more. I am more the conservative type and prefer building slowly with minimum risk. That's just me. Just define your goals then take the steps that will alwasy bring you closer to your real estate goals. If your 20, you have time. If your 55 years old, you may need to speed things up.
Thank you for raspond.I am 30 ,very aggresive type for build this type of bussines. I do all cash deal before now i am on posituon when i cant do no more and need try get more money from bank or refiannce all those codnos. Do you recommend those condos, do you think i shoud wait another year save cash and maybe buy 1 more ,or just refiance all of those and go agressive ,Yes i love cash flow and trying to make that goal 10k month .
Syracuse, NY · Member since 2015 · 100 posts · 87 votes
9y
Vedran Josic Congrats on owning those free and clear! If you choose to refinance, I'll suggest retaining a significant amount of equity in those properties.
If I were in your shoes, I would consider putting the funds from the refinance into a flip project, with the goal of generating "quicker" additional income. This can can then be used for future buy-and-hold deals.
Understanding, of course, that flipping and buy-and-hold require completely different skill sets, tread carefully!