Hey guys!
I'm new to the forum. I'm almost done reading my copy of the book, and I am mind blown! I am currently standing at a crossroads, and seeking some advice from all of you.
I've always been an entrepreneur at heart. When I was 16, I started my own Entertainment company. When my business partners and I decided to part ways, I started investing in Real Estate. By the time I was 22, I had already flipped two condos. Both transactions were succesfull and profitable (I didn't make a fortune - about 15 000$ in profit - but the knowledge I gained was worth far more). At that moment, I got a full time job.
Although I do enjoy parts of it, my entrepreneurial spirit is calling and wants me to go back to my roots: being my own boss.
I own a beautiful condo, which has about 60 000$ in equity. I live in it, but also rent it out on AIRBNB 10 nights a month at 150$ per night while I stay at my girlfriend's place.
Here's where I am stuck. I want to get back in business for my self. The problem is that I only have about 5k in my savings account, while the rest of my money is invested in my condo. What would you do?
1 - Sell the condo (50 000k payout after fees etc.) and have a substantial amount of money to start / grow my business? When I sell my business in a few years down the road I could re-purchase RE. I wealthy business man once told me to invest in my business before purchasing a home.
2 - Keep the condo, but rent it out? I would then rent a less expensive place for my self. What scares me with this option is that I would only be living with a 5k savings account.
I'm usually very good at making big decisions, but this one is tough. I also forgot to mention that I have a LOC of 40 000$ that has a 10 000$ debt on it (from renovations I did when I purchased my condo - this would be payed out if I sold the property).
So, what would you do?
Thanks guys!
I'm new to the forum. I'm almost done reading my copy of the book, and I am mind blown! I am currently standing at a crossroads, and seeking some advice from all of you.
I've always been an entrepreneur at heart. When I was 16, I started my own Entertainment company. When my business partners and I decided to part ways, I started investing in Real Estate. By the time I was 22, I had already flipped two condos. Both transactions were succesfull and profitable (I didn't make a fortune - about 15 000$ in profit - but the knowledge I gained was worth far more). At that moment, I got a full time job.
Although I do enjoy parts of it, my entrepreneurial spirit is calling and wants me to go back to my roots: being my own boss.
I own a beautiful condo, which has about 60 000$ in equity. I live in it, but also rent it out on AIRBNB 10 nights a month at 150$ per night while I stay at my girlfriend's place.
Here's where I am stuck. I want to get back in business for my self. The problem is that I only have about 5k in my savings account, while the rest of my money is invested in my condo. What would you do?
1 - Sell the condo (50 000k payout after fees etc.) and have a substantial amount of money to start / grow my business? When I sell my business in a few years down the road I could re-purchase RE. I wealthy business man once told me to invest in my business before purchasing a home.
2 - Keep the condo, but rent it out? I would then rent a less expensive place for my self. What scares me with this option is that I would only be living with a 5k savings account.
I'm usually very good at making big decisions, but this one is tough. I also forgot to mention that I have a LOC of 40 000$ that has a 10 000$ debt on it (from renovations I did when I purchased my condo - this would be payed out if I sold the property).
So, what would you do?
Thanks guys!
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