$100,000 to invest. Need advice.

[mysticaltyger]

Originally Posted by Kavalier

So the company that is doing the mortgage for me had the house appraised (by a third party) at about $210K. My sister's two friends (both who are in the realty industry) were at (as-is, to have put it on the market a month or so ago) was at $170K.

Strange discrepancy.

Well it's good for you if you can buy them out more cheaply.

Overall, I think the decisions you're making seem sensible; although the devil may be in the details.

[Kavalier]

Is that big of a discrepancy ($40K) common?

[Kavalier]

Well I closed on the house. For better or worse, it's "mine" now. Assuming I don't screw it up. Even if I did screw it up, I have enough resources to pay for it until I could sell it. I have around $24K in cash now and an TD Ameritrade account has close to $40K.

I also have been informed by my supervisor that all the OT I can ask for is available.


I intend on getting a tenant for their entire own basement level place, as soon as I can just do some things down there before they move in. Then of course finding said tenant and doing some paperwork.


Of course, this same week, one of my car's fuel pump went out and the mechanic hit me for a $800 repair. That hurt.


But I am officially a home owner now.

[galaxyhi]

Originally Posted by Kavalier

Well I closed on the house. For better or worse, it's "mine" now. Assuming I don't screw it up. Even if I did screw it up, I have enough resources to pay for it until I could sell it. I have around $24K in cash now and an TD Ameritrade account has close to $40K.

I also have been informed by my supervisor that all the OT I can ask for is available.


I intend on getting a tenant for their entire own basement level place, as soon as I can just do some things down there before they move in. Then of course finding said tenant and doing some paperwork.


Of course, this same week, one of my car's fuel pump went out and the mechanic hit me for a $800 repair. That hurt.


But I am officially a home owner now.

Well, congrats!!!

Took me til age 52 to buy a house.

Goid that you can rent out for additional money, if you sock it alk to the PRINCIPLE of the mortgage, youll be mortgage free in no time. ( if you dont know, dont just apply it to the mortgage. Apply extra to Principle only that will cut your interest.)

Now as long as you have money for repairs, youll do fine.

Again congrats!