Posted by Ed Garcia on December 27, 1998 at 19:32:32:
Kevin:
I?m sorry to say since I don?t personally know you, I don?t know your
buying criteria. However I can assure you that if it is a sound one, then
having you own bank roll, can only complement your circumstances.
I personally use my own money, and then later put financing in place to
get my money back to do it again. This allows me great flexibility in deal
making , as well as cutting better deals. If for any reason you get confused
on how you should look at deals, or have any questions on how to use
your money in the manner that I do, feel free to call me at (909)(944-0199.
I am a newbie at the REI buisiness. I’ve taken the courses, and have even paid $2,000 for the personal coaching (did nothing but to make me even more motivated to get busy, so I could pay off that course!) I’m familiar with the marketplace in N Fl, and I should be closing on my first 4br soon. My “Problem” is that I have just ran into quite a substantial amount of money. I know that doesn’t sound like a very big problem, but previously I was out to flip properties to build a slush fund. I still want to persue RE aggresively, however I think I need to reshift my focus. I’m hoping some of the pro’s could help me to find the best place to start, and ultimatley where a smart investor with the means would concentrate their efforts. Thanks in advance for any advice…
Posted by SCook85 on December 28, 1998 at 24:09:59:
Kevin,
Coming into a substantial amount of money is no reason to change your focus. If you had a focus and your plan was sound it will work with or without money. You can continue to pursue flipping properties. There are many people who do nothing but flips there entire investing career. I think that what you will find is that people start out that way, then they make a little money and start expanding, then in the end everyone wants to downsize back to doing flips and leave all the other stuff alone. Makes you wonder a bit, there is nothing wrong with flipping, the money you have gives you more flexibility in making offers and the ability to deals that many others could not.