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Updated almost 3 years ago on . Most recent reply

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Vivian Nicastro
  • Investor
  • Nashville, TN
6
Votes |
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Looking for your experience: What do to with $60k?

Vivian Nicastro
  • Investor
  • Nashville, TN
Posted

Ok, looking to pull from others’ experiences. I currently have 1 single family long term rental in the Nashville, TN area. I’m looking to get into my second deal. I can pull $60k from the current rental via a commercial line of credit—which is great, but it’s not much. 

My question is for those of you who have done deals with around that much capital or less: how did you do it? Did you find a partner? Did you find an extremely cheap property and BRRRR it? Did you use it as a down payment on a high cash-flowing STR? I'm struggling with analysis paralysis and it would be helpful to hear how others got past this roadblock. Thanks!

Most Popular Reply

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Nate Sanow
  • I​nvestor & Agent
  • Tulsa, OK
1,159
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Nate Sanow
  • I​nvestor & Agent
  • Tulsa, OK
Replied

I guess I want to ask. Are you focused on that next property being in Nashville? If so I can see the challenge on what to do with $60k. Are you open to OOS or even out of town? I feel like you have a good amount of money and if your specific market was more affordable it could go further. 

Besides that my suggestion is always creative finance. If a good brrrr was available to you likely the hard money lender could finance 90-100% of acquisition price and possibly some of the rehab and most of your $60k is still in your pocket. This is part of the “Rich Dad Poor Dad” voice in my head talking here, but whenever we only focus on down payments and such we often miss out on seeing other possibilities. That’s why sometimes a success story has one person who was almost broke but grew and someone else sitting on a lot of cash doesn’t scale. 

Now I get brrrr’s, flips etc don’t often come up but when they do I’m just saying the answer to your question might be with even more leverage and leverage that is managed wisely and intelligently, of course. 

Best wishes to you on your journey!

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