Hello,
I just had an offer accepted on a 2 bedroom house in Ferndale MI. for 11k. The house needs about 5-9k to make ready for rent and after taxes and ins will flow 500/ month.
The problem is that in order to pull this off i'm gonna have to go back to CC (I have about 95k on them now) and probably cash in one of our IRAs. The tax and penalty is not really a huge issue cause we got ALOT back in taxes last year so were covered.
We currently have 5 other rentals that are good now but will have tax adjustments soon. This is an arguement for doing this though cause it will help keep us even globally.
The other problems are that i'm a contractor and things in Michigan are slow right now. I dont have (obviously) much liquidity but the wife does work Pt as an RN. She does not make enough to cover all the bills though.
Do you pull the trigger here or not?
BTW the SEV on this property if 54k and its a nice neighborhood.
I just had an offer accepted on a 2 bedroom house in Ferndale MI. for 11k. The house needs about 5-9k to make ready for rent and after taxes and ins will flow 500/ month.
The problem is that in order to pull this off i'm gonna have to go back to CC (I have about 95k on them now) and probably cash in one of our IRAs. The tax and penalty is not really a huge issue cause we got ALOT back in taxes last year so were covered.
We currently have 5 other rentals that are good now but will have tax adjustments soon. This is an arguement for doing this though cause it will help keep us even globally.
The other problems are that i'm a contractor and things in Michigan are slow right now. I dont have (obviously) much liquidity but the wife does work Pt as an RN. She does not make enough to cover all the bills though.
Do you pull the trigger here or not?
BTW the SEV on this property if 54k and its a nice neighborhood.
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