Hi there, I'm in kind of a unique situation that I'm hoping some other experienced real estate investors might be able to help me with.
Here's my situation: I have 225k in the bank. Another $150k coming in from investments I've cashed in that should be liquid within the next six months. Then I just bought this nice house that I'm trying to flip. To make a long story short I should realistically be able to flip it which would create another $270k net.
And so what I've been planning on doing is slowly liquidating all my funds. Then making one "really big move up" by purchasing a large apartment complex. My thought is to try and find a deal where for example I could put down 12.5%, have the vendor carry 12.5% and then get a first mortgage for 75%. That way my total of about $650k would allow me to look for a property in the range of around $5.2million.
I'm hoping that with a little luck I could actually pull this off I could actually have a chance to basically take an early retirement.
So my question to all of you is do you think I'm looking at a good strategy by doing this? Or should I be considering other options? What is your thoughts? Is this a good strategy? Let me know as this whole thing is so important that I cannot afford to make a mistake on it. Thank you.
Mark