I’m 29, Ive got about $200k and I need to take care of everything before March! I am heading to medical school out of the country, so I want some cash flow and appreciation while I’m gone. I don’t need too much money for the education or anything because it is a third world country and everything is cheap (education there is still good), just need max 2-3k a month, which I’m there through 2 condo rentals and renewal commissions from where I used to work… Just had to let you guys know so you will have the big picture
I’ve been trying to find mhps for a while now big or small. But all of a sudden two that seemed good have finally signed the contract.
I am planning on buying both.
- $120k 15 lots 13 are full
Lot rent is $220 city utilities but not sub metered $220 x 13 x 60 = $171,600
$20K down finance 100k 6% 5 year balloon $1000 monthly payments
- $240k 30 lots 13 are full Good location next to lake
Lot rent is $300 city utilities but not sub metered $300 x 13 x 60 = $234k
Only 15% down ($36k) and they will carry the note for 10 years fixed at $1200 a month 6%
Obviously, if I buy those two I still have a lot more money to invest in.
I was thinking of doing single family homes(specifically in the texas area, houston and san antonio) that cash flow and potentially can give me a chunk of change if I sell them when I come back in 4-5 years. I was looking into section 8 hispanics in newer homes.
Each home would be worth around $90k and I can use bank financing 25% down payment for each home. If I do 4 homes that would be about $100k out of my pocket.
I’m just letting you all know this to get your opinions on it.
I really want to know what the best course of action would be. What would you do if you were in my shoes?..?