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Updated over 9 years ago on . Most recent reply

User Stats

44
Posts
6
Votes
Matthew Harrison
  • Property Manager
  • Redford, MI
6
Votes |
44
Posts

Where to put 20k?

Matthew Harrison
  • Property Manager
  • Redford, MI
Posted

My wife and I are coming into a lump sum of 20k and would like to invest in realestate. I currently have one rental house in metro detroit that I share with my father. It is rented to a friend for 700, and we bought the house for 45k. My question is: where is 20k most effectively invested? I am interested in both long term wealth, and cash flow. I am anxious to own 100% of a rental, but personal finances don't allow me to get a mortgage. In my area I could get a rental ready home from 60k that would bring 900/month on average. Assuming I have someone else (my father) aquire another mortgage, should I look for another house like I have? Find a fixer that would possibly require the entire 20k? Find multi unit where 20k is needed for downpayment?

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