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Updated about 9 years ago on . Most recent reply

Account Closed
  • Richmond, VA
1
Votes |
3
Posts

New to the "fantatic" world of real estate

Account Closed
  • Richmond, VA
Posted

Good Evening,

As  "newbie" I am am really nervous about getting into real estate, but that will not stop me from taking some type of tentative steps in that direction. Currently, I am focusing on trying to complete my renovation on a 4 unit apartment building in Cleveland Ohio.  The building will be used to accommodate Veterans.  My intent is to take the net profit  from that and use them for my first "flip".  The building should be ready by mid April 2016. 

My question is should I take out a mortgage against the property to complete the rehab or just continue to pay out of pocket. So far I have spent $56,271 on renovations and the purchase of the property. I will need to invest another $23K to complete the project. I want to hold onto my cash! 

In addition my goal this year is to flip two houses without using my own financial resources.

Please advise!

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