I just did that recently

May 12, 2022
9:59:27am

whoneedscorners? All-American

In the time that we've taken to remodel it, interest rates have gotten so high that it doesn't generate enough cash flow to make sense enough to keep it as a rental.

We decided we have to flip it.

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whoneedscorners?

Bio page: whoneedscorners?
Joined: Oct 2, 2005
Last login: May 14, 2024
Total posts: 30,010 (1,508 FO)

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Messages

Author

Time

If you were sitting on a wad of cash, if 500K what would you do with it now?

RedBeard

5/12/22 9:55am

Buy a rental property, perhaps

Dan

5/12/22 9:56am

I just did that recently

whoneedscorners?

5/12/22 9:59am

Did you refinance it? Why didn't you lock in a mortgage?

ebv

5/12/22 10:02am

We paid cash

whoneedscorners?

5/12/22 10:04am

Darn. Sorry to hear that. Hopefully the flip goes well.

ebv

5/12/22 10:06am

It will be okay

whoneedscorners?

5/12/22 10:08am

Not judging here but why did you pay cash, rather than finance it up front, and

Iman23

5/12/22 10:08am

Or were you going to get your cash back out with a higher appraisal? That could

Iman23

5/12/22 10:11am

The transaction was such that we needed to move quickly with a cash offer

whoneedscorners?

5/12/22 10:17am

Have you asked your neighbor for ideas?

Gustav

5/12/22 9:57am

RE: If you were sitting on a wad of cash, if 500K what would you do with it now?

Sea Chicken

5/12/22 9:59am

RE: If you were sitting on a wad of cash, if 500K what would you do with it now?

Indy Coug

5/12/22 10:01am

Take half and DCA the market as it continues to go down.

byubyu

5/12/22 10:02am

This is the way.

ebv

5/12/22 10:03am

Pick a time to put it in VTI, VTSAX or similar. Either lump sum or DCA. That's mostly because I have a long investing

slappy

5/12/22 10:03am

Buy a Lamborghini.

Flippy

5/12/22 10:03am

nothing

Belboz

5/12/22 10:07am

Buy some land and develop it on the coast! In six months, I'll let you know if

toadie

5/12/22 10:08am

Build a house and be my own GC

Idacoug

5/12/22 10:13am

What is your exit timeframe? (When do you need the money?)

NOCAL_YFAN

5/12/22 10:13am

Hard money lending.

blueaussie

5/12/22 10:17am

No risk there if you have the right equipment and appetite.

ebv

5/12/22 10:24am

Pretty true

Dan

5/12/22 11:28am

Sounds bad for my back

JuicyJam

5/12/22 10:23am

I will add: What if you want to offset tax liability for the current year?

RedBeard

5/12/22 10:39am

One time gift to your good friend Loafer.

Loafer

5/12/22 10:45am

Where does everyone keep coming up with these 500k wads of cash?

ochobeeguy

5/12/22 10:57am

RE: Where does everyone keep coming up with these 500k wads of cash?

ebv

5/12/22 11:03am

Inflation. Thought everyone had one these days.

RedBeard

5/12/22 2:03pm

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