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Sold a small apartment and I am not sure what to do with it

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Lucky Lu

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Hi guys, as always I turn to you whenever I have something to tell or ask about in this path I have taken along with you all.

I consider myself really good at my jobs, and the results show that I move pretty well on those fields but... not only I am new to the business world and entrepreneurial mindset but I am the opposite here. Don´t have the experience and since something that I have undertaken late, I don´t feel confident and decisions don´t come naturally to me.

A few months ago I decided that I needed to have some cash in order to secure an investment or a business that generates cash flow as the first step to my freedom and transition to the fastlane. So I put a small apartment in my country in the market and finally this week I accepted an offer for it.

It will leave me with around 70k in the bank and I don´t really know what to do with it without gambling those savings. Should I buy a little condo in the US and rent it out? Should I wait to the prices to get lower? Should I buy a business? What kind do you think I should look into knowing that I lack of experience as an entrepreneur?

Thank you and man, I love this forum.
 

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BellaPippin

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Hi guys, as always I turn to you whenever I have something to tell or ask about in this path I have taken along with you all.

I consider myself really good at my jobs, and the results show that I move pretty well on those fields but... not only I am new to the business world and entrepreneurial mindset but I am the opposite here. Don´t have the experience and since something that I have undertaken late, I don´t feel confident and decisions don´t come naturally to me.

A few months ago I decided that I needed to have some cash in order to secure an investment or a business that generates cash flow as the first step to my freedom and transition to the fastlane. So I put a small apartment in my country in the market and finally this week I accepted an offer for it.

It will leave me with around 70k in the bank and I don´t really know what to do with it without gambling those savings. Should I buy a little condo in the US and rent it out? Should I wait to the prices to get lower? Should I buy a business? What kind do you think I should look into knowing that I lack of experience as an entrepreneur?

Thank you and man, I love this forum.
I'm not the expert but whatever you do take the money out of there, now, and bring it here. Lol
 

BellaPippin

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70k is a nice down payment towards something MORE than a condo. You can buy something with several units to rent. My bf pays his property management like $100 a month only, besides the first month of rent (if you don't wanna deal with being a landlord)
 
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Lucky Lu

Lucky Lu

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70k is a nice down payment towards something MORE than a condo. You can buy something with several units to rent. My bf pays his property management like $100 a month only, besides the first month of rent (if you don't wanna deal with being a landlord)
Yes but having my jobs here I would not qualify for a loan there I think, so my options are cash or cash.
Would love to do as your BF does with a multifamily but I guess I will have to wait.
 

reedracer

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Yes but having my jobs here I would not qualify for a loan there I think, so my options are cash or cash.
Would love to do as your BF does with a multifamily but I guess I will have to wait.
You don't need a bank to borrow money. Look for someone ready to retire from a business or their real estate who needs cash.
My grandfather never got much cash when he sold a house. He'd find some young couple just starting out and do a Land Contract with them. He was the note holder. He had a couple folks not pay, but for the most part he had great results and even a greater amounts of friends. (Thanks for triggering the memory!)
 
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Lucky Lu

Lucky Lu

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You don't need a bank to borrow money. Look for someone ready to retire from a business or their real estate who needs cash.
My grandfather never got much cash when he sold a house. He'd find some young couple just starting out and do a Land Contract with them. He was the note holder. He had a couple folks not pay, but for the most part he had great results and even a greater amounts of friends. (Thanks for triggering the memory!)
Thank you, that would be an awesome idea but I would not be sure where to look for that.
I will keep my eyes open.
 

alexkuzmov

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Hi guys, as always I turn to you whenever I have something to tell or ask about in this path I have taken along with you all.

I consider myself really good at my jobs, and the results show that I move pretty well on those fields but... not only I am new to the business world and entrepreneurial mindset but I am the opposite here. Don´t have the experience and since something that I have undertaken late, I don´t feel confident and decisions don´t come naturally to me.

A few months ago I decided that I needed to have some cash in order to secure an investment or a business that generates cash flow as the first step to my freedom and transition to the fastlane. So I put a small apartment in my country in the market and finally this week I accepted an offer for it.

It will leave me with around 70k in the bank and I don´t really know what to do with it without gambling those savings. Should I buy a little condo in the US and rent it out? Should I wait to the prices to get lower? Should I buy a business? What kind do you think I should look into knowing that I lack of experience as an entrepreneur?

Thank you and man, I love this forum.
What is the job that you`re really good at?
Where do you feel your knowledge is most strong?
 

BellaPippin

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Yes but having my jobs here I would not qualify for a loan there I think, so my options are cash or cash.
Would love to do as your BF does with a multifamily but I guess I will have to wait.
I meant to buy here, not back home
 

Sebastya

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Buying a business would have the highest ROI, but if you want to play it safe you should consider a multi-family property like a fourplex etc.

Only you know your risk tolerance levels.
 

alexkuzmov

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I´m a lawyer and a pilot. So not very fastlaney
Well the mindset is important.
Isnt there something to make which layers or pilots can use?
Is there any need that you`ve spotted working as either?
 
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Lucky Lu

Lucky Lu

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Well the mindset is important.
Isnt there something to make which layers or pilots can use?
Is there any need that you`ve spotted working as either?
Thank you for your input!

The only thing I could think about that is really distinctive and valuable for everyone is that I am lawyer licensed in a few countries, so I can solve the need for lawyers that have cases or dealings on those countries but are overseas (where their office is). For example, an Italian lawyer that have clients with a casa or interests in Argentina or California.

We are working on that offer, and @Andy Black is giving us a lot of pointers and help with Google Ads.

I would love to start a real business besides the practice though so I will keep my eyes open
 

Andy Black

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We are working on that offer, and @Andy Black is giving us a lot of pointers and help with Google Ads.
Happy to have a chat and spitball ideas.
 

WorkingOnIt

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I would love to start a real business besides the practice though so I will keep my eyes open
For one, I have 2 lawsuits, I need a lawyer for, in the USA. Private message me? Business to Business lawsuit, client poached an entire office I had, where we had the proper contracts. The other owed me ~21,000 USD.

Aside from such, you already got into real-estate, why get out? I always say, wherever the money is from, keep it flowing. In one of my call centers, I have a client who hired 2 VA's who find undervalued properties in the US, and he wholesales them, or buys them for himself and his portfolio.

What I would suggest, is seeing if you want to put the money down, for a hard-money loan? Or a flat out mortgage on a new property/fixer upper. Take out a loan ontop of the mortgage for construction, renovate and sell for profit? Can do that easily. A relative does it for a living and has always wanted me to help. Can buy homes at 70-80% FMV and sell for that 30-20% profit, or rent it out. Use it as collateral for another purchase and let the cycle continue.

Feel free to message me if you're serious about anything.
 
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Lucky Lu

Lucky Lu

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For one, I have 2 lawsuits, I need a lawyer for, in the USA. Private message me? Business to Business lawsuit, client poached an entire office I had, where we had the proper contracts. The other owed me ~21,000 USD.

Aside from such, you already got into real-estate, why get out? I always say, wherever the money is from, keep it flowing. In one of my call centers, I have a client who hired 2 VA's who find undervalued properties in the US, and he wholesales them, or buys them for himself and his portfolio.

What I would suggest, is seeing if you want to put the money down, for a hard-money loan? Or a flat out mortgage on a new property/fixer upper. Take out a loan ontop of the mortgage for construction, renovate and sell for profit? Can do that easily. A relative does it for a living and has always wanted me to help. Can buy homes at 70-80% FMV and sell for that 30-20% profit, or rent it out. Use it as collateral for another purchase and let the cycle continue.

Feel free to message me if you're serious about anything.
Hi and thank you. I really appreciate you taking the time to give me this input and ideas.

First, I will send you a PM to see if what you need is in my area of expertise or if I can help you with in any way.

The Real Estate ideas are really good but as we have discussed with @BellaPippin I not living in the US at the moment and even though I have activities and work done there, flipping houses or remodeling them is something that I feel I can´t do from abroad. Also to do it where I live would not be wise and not really want that.

I am serious but I really want to be sure about which step to take next to avoid gambling the money but starting to travel faster any way.

Thanks a lot!
 

Bekit

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My grandfather never got much cash when he sold a house. He'd find some young couple just starting out and do a Land Contract with them. He was the note holder. He had a couple folks not pay, but for the most part he had great results and even a greater amounts of friends. (Thanks for triggering the memory!)
Very interesting. What is a Land Contract? How did it work?
 

reedracer

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Very interesting. What is a Land Contract? How did it work?
He's and Article. I guess Missouri has its own rules (no shock there.)
They are pretty simple and straight forward.
 

lowtek

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I am not sure what you should do, but what you should not do is hastily spend the money on something just because you feel the need to "invest" it right away. There's no harm in waiting a little bit for the right opportunity to present itself / be found.
 

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FierceRacoon

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Well, I heard of a person who wanted to buy a house and rent it out. He has calculated that the rent has to cover the mortgage payment... but did not think about other details such as amortization. As a result, the guy got stuck personally doing repairs every 2 weeks, so as not to end up with a negative cash flow. Another friend of mine wanted to buy a poor-quality house, demolish it and build a new one. Except the estimate he got from the contractors was off by 300K, and by the time he realized it it was too late and he didn't even have the cash available to proceed with rebuilding so ended up figuring out what to do with a moldy, decrepit hut on his land.

Morale, if you don't know what you are doing, you will lose money.
If you want to buy a property for investment, do A LOT of homework. Read books on the subject. Attend courses. Talk to lots of people. For now, don't do anything with the money. Perhaps even for the next year. It is easy to spend, hard to earn back.
 
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Lucky Lu

Lucky Lu

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I am not sure what you should do, but what you should not do is hastily spend the money on something just because you feel the need to "invest" it right away. There's no harm in waiting a little bit for the right opportunity to present itself / be found.
Thank you. Thats sound advise.
 

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