Skip to main content

I cannot make a decision whether I should use some of my funds to buy a primary residence or for more business.

Currently, I have about a couple hundred grand. I used about half of it to fund my one flip that I am doing right now. I recently sold my first flip this year, yielding a profit of about roughly $100k, within a 3 month span. I'm currently doing my second for the year, which should yield about $170k. I wanted to use my other half of the funds to fund another potential flip. But I really love this one house I saw pop up on the market, to live in.

Making money is definitely a priority to me right now. I started my flipping business last year. However, I live in a very toxic environment. My brother once in awhile fights with my father and I that he owns the house. And I really want to just move out of there. Currently, we live rent free. Which is incredibly awesome. But now that I'm making some money, I just feel for my mental sanity I want to move out. And buy my own place. My mother passed away also due to the amount of pressure and stress my brother had put on her, because he felt he owned the house. I don't want my dad to go through all that stress that my mom had to either. He's getting older now.

The house I'm interested in getting is at $1.2m. I have saved $245k, including down payment and 12 months of reserves. Based off what I had mentioned, should I continue to just use my funds to flip a few more houses til I buy a primary home? Or just go for buying that house?

submitted by /u/steviesesh
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/tq5a66/i_cannot_make_a_decision_whether_i_should_use/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more