Question on re-fi fixer upper for own residence - Posted by David MacGown

Posted by Bill on May 05, 2002 at 07:18:24:

The answer depends on your situation. Do you have family that will be sharing the house with you? If so, maybe some new furniture is in order. ( You didn’t mention what happened to the old furniture).
If by “putting the money back into the business”, you mean keep doing the rehabs and CRE that you are doing, I would see what the new job is contributing to the equation. If your j.o.b. is making enough to deal with expenses,I would deinitely put the money into more deals. If you do,soon you won’t need a job.
Good lck, Bill

Question on re-fi fixer upper for own residence - Posted by David MacGown

Posted by David MacGown on May 05, 2002 at 02:43:02:

Hey gang!
My job is transfering me, and I will be renting until I find the house I want. My plan is to rehab a fixer upper in a nice neighborhood. I think I’ll wait until I find one with a swimming pool because if I installed a pool it does not enhance the value of the property, so it’s kind of like getting a free pool! Anyway… I plan to refinance based on the new retail value. Since refi’s are tax-free money should I use the net proceeds to furnish the home OR put that money back into the business? What would you do?


Furniture or more deals, no brainer… - Posted by David Krulac

Posted by David Krulac on May 05, 2002 at 09:53:58:

there are many sources of inexpensive or free furniture. including Salvation Army, Good will Industries and St. Vicent DePaul, consignment stores, estate auctions, etc. We just recently put a sofa and a love seat on the curb with a sign FREE, it was gone is a short time.

I vote for the deals.

David Krulac
Central Pennsylvania

you can always sit on orange crates - Posted by jim

Posted by jim on May 05, 2002 at 08:56:55:

Put the money back into the business. You can furnish your house a little at a time. Some people, and you might be one of them, have trouble saving a large sum of money.