I have the wonderful opportunity to invest in real estate. And i’m terrified!! LOL.
I already have a rental me and my wife are selling in California. We will have a lump some of money. I want to reinvest that money back into real estate that will make much more money for alot less investment.
a few questions i have are:
I have a credit rating of 725 and 690 (two different companies).
What do you think will be my cut off point (total amount borrowed). Just a guess…?
My wife would like to buy a ‘retirement’ place in Colorado Springs area and i was wondering should i take the proceeds and pay off the retirement land and what’s left over use to invest… or would it be better to invest it all and take the proceeds from the new investments to use towards the Colorado place for us?
my biggest question… We will have about 400,000. Is it better to invest in alot of small properties, or a few or just one really big one? I see that the larger properties have ALOT more cashflow than the smaller ones. I’m kind of leaning towards buy as much as i can afford… One thing i also like about buying a LARGE property is that the vacancies really don’t affect you as much with a large number of units like small places do. What do you guys think???
I have no proof of income right now. ME and my wife just became Realtors - we both took a year and a half off before we got our real estate licences. So there’s no proof of any inoming money other than the money we made selling our other rental last year. I am kind of worried about Financing on THAT part. Please tell me there’s still hope!!!
I really want to do out of state investments, they show much better return than anything i have found in california. My wife REALLY wants them to be close to home so we can tell what’s going on with them.
Help me convince her we can just jump on a plane at anytime and find out while keeping it with a property manager. Do you think that it’s a good idea for property management?
What amount of down would you guys suggest… I see alot of 20% downs, but, if i buy one more over 1,000,000 dollar property i wouldnt be able to buy more than one property (depending on the price). What do you guys think, how do you do it?
Lastly… Thank you all so much in advance… Not on just replying to this post but every other one i have read. I have learned so much from you all, thank you!
- Jason in California ;D ;D