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Hello all! I am hoping for some last minute tips or double checking over what I plan to do to break into REI.
A little about me is that I am 30, make over 100k at my day job, and have been blessed with a small trust maturing next month in the amount of 250k. I have bought my personal home last year, credits a little rough in the low 600s.
Anyways onto the good stuff. My family has been doing slow buy and holds since '86. I want to supercharge and really dive in feet first with the goal to eventually go full-time.
I am currently engaged with 1 realtor, have interviewed 4 contractors and been impressed by 2, plan to manage myself. I am going to a wholesalers meet-up tomorrow to start making connections there and hopefully with more agents as well. I'm hoping to BRRRR and of Flip 2-3 units this year.
I am looking at buying CASH and funding the repairs CASH as well so as not to lose money to interest or holding costs. This obviously ties up a large chunk and/or all of my capital and it has me nervous.
In my shoes are you doing the same or maybe still financing what you can to have a larger reserve?
Thank you in advance for all your advice!
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- 4 years ago
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I've thought about this a lot! Thanks for the advice