Best Uk Fixed Mortgage
I have two general options. Which one do you guys like best?
I have purchased a house, to use as my home, and I own it outright. I intend to mortgage it to a lender for $30,000. Here are my two different potential uses for that money:
A. I will buy two junk houses, fix them up on a shoestring (read: friends, sweat and cashflow management bordering on paranoia), and rent them out to be cashflow-positive. I have experience, not only in rehabbing/contractor management, but also in renting for profit. I believe I can pull in a net amount of $300 per month with these houses rented, after EVERY expense (including a repair fund, which can also be used to recoup lost rents).
B. I have an invention idea. I have a contact in the UK who is willing to build a prototype of this idea. It is an idea I have never seen realized, and for which there is a definite niche in need of service.
$10,000 for building and shipping the prototype, $20,000 for patenting. Then find manufacturers and advertisers.
Which do you all think is best? Thanks.
It does NOT cost $20,000 for a patent. It is $300 max and you can do it yourself at the US Patent and Trademark Office (www.uspto.gov).
My advice would be the gray matter in between. Buy one house AND get your invention made. Like I said, it’s about $300 for a patent ($200 for a provisional patent which is a one-year temporary patent that can be converted into a regular 20-year patent anytime in the first year and will hold up in a court of law) and look to see if you can get your invention made for less. Thomasnet.com and Alibaba.com both list manufacturers for any kind of product you would like. Thomasnet is for the US. Alibaba is for outside the US.
Think of it this way. You can do the provisional patent and get your prototype made, then approach companies to make the product for you. When they bite and give you an advance, THEN you pay an attorney to lock that patent in place (or sell it yourself and nail the patent down after you made some money).
Believe me, I know what I’m talking about. I own several properties and have recently filed a few patents myself.
Hope this helps.
Fixed rate mortgages Explained By Mortgage Expert Gary Williams
