Need advice on my next step

[Junon Celestin]

Hello everyone I need some advice. I have two properties that I purchase for 5,000 from a friend, he couldn't pay the taxes.  Taxes total up to 7,000 and repairs are about 8,000. I currently live in one house hacking it and I rented the other home for 850.00. Each home arv is 80k. I also work and have two jobs. my husband saved up 20,000  to buy a food turck to start in March 2020. What next step can I do to flip and get a fourplex. more do the BBBR . I am so tried of working sooooo hard and not able to see my kids and husband. I hardly ever use my credit so I am also building it by get a secured cards no more then 3 cards.

[Greg Dickerson]

@Junon Celestin if I am understanding what you're saying it looks like you have $140k equity in the properties. If thats the case you can refi and use the money to invest in more properties like the if you can find them. You could also sell and pull out all the cash, rent a place to live in and continue to reinvest the funds.

I would not recommend using $20k to invest in a food truck. Completion is fierce and the margins are very low. Unless your husband has a strong foodservice background, is very talented, knows exactly what he's doing and has a very special unique selling proposition you will have a hard time making any serious money in that business right now. Also requires very long hours, nights, weekends and holidays. Its sounds like a great business but it's very tough to money with a food truck these days.

You would be way better off using the $20k to invest in real estate especially considering you've already turned $20k into $160k. If you take the equity from your current property and combine with the $20k you have a nice little fund to work with and could easily double it in a year flipping houses.