I Need Investment Advice
I am thinking about doing a 2 property deal tomorrow and would like to hear what you think about it. The properties are in extremly desireable areas of the Phoenix metro area(3,000 sqft. in Chandler & 1700 sqft. in Gilbert). Chandler property is a sale price of $515,000 and the Gilbert property is a sale price of $360,000. I will get a total of $65,000 back at the close of both properties. I will live in one and rent the other out. I plan to use the money to do a couple of rehab projects. I can borrow from hard money and use my 65,000 to do the repairs. These type of projects are hard to find but still can make $10,000- $15,000 profit off of each. Also I want to invest in some pre-construction projects but will have to make some quick cash first to pay my 2 huge mortgages. My problem is I am scared to do this deal. What if it goes wrong? I have never even owned a home before. I am young and have never invested money in anything. I make decent money but not enough to cover this mortgage for to long if my plan does not work out. I do know a good deal about real estate, I am a mortgage broker with a background in construction. I think this will all work out but like I said I am afraid to think what will happen if it don't. Please give me any words of wisdom you may have. Thanks from th bottom of my heart.