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Updated almost 3 years ago,
Seeking advice: Cashing out ~$300,000 after 1st year investing
Hi! My name is Noelle and I'm an investor on Long Island in NY.
My husband and I started investing a year ago and found some pretty great deals. Specifically, we did one flip and two BRRRRs, and we're on the "refinance" part of the two BRRRRs right now.
Since we purchased the two rentals ~60% below market, we have quite a bit of equity. After paying off our private lender and the debt we've accrued to rehab the properties, we'll be left with ~$300,000.
My question to the experienced investors on BP is: what would you do?
To me, this is a relatively large sum of money to have and I want to make the right decision. Here are a few things I know:
1. We do not want to continue BRRRR'ing single family homes. It is our goal to move into larger commercial deals as soon as possible.
2. We are not afraid to invest out of state.
3. We have a healthy appetite for risk in terms of taking on projects that maybe others wouldn't, but the equity needs to be there to mitigate this kind of risk.
That's all! We're new and would love some guidance from other BP'ers who have been in the game, specifically commercial. What would you do!? Thanks!!