/ Ask Terry Questions / Real Estate Purchase

Real Estate Purchase

By Terry Savage on November 27, 2018 | Housing / Real Estate

I want to get into real estate. Buy proper ty and fix them up and sell or rent. I don’t have the cash and I’d like to know if going through a bank is a good idea or a private lender? I have a fairly new mortgage on my home of 3 years. Will I be able to get the money I need to start these projects? I’ve thought about getting money from my 401k but I don’t want to deplete it. What’s my best route?
Thank you in advance

Terry Says

I think you’ve been watching too much HGTV!  (I love those shows, too!)  But it’s not as easy as it looks to flip!  Especially now, with interest rates rising.  This is a BAD IDEA!

Concentrate on earning enough from your job to pay your own mortgage and take care of property taxes and any issues with your own home.  When you have “extra” money open an IRA at a bank or at Fidelity and let your money grow tax-deferred.  Keep contributing to your 40l(k) at work.  In the long run, you’ll be glad you did.

 

money

ASK TERRY

a personal
finance question