Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 3 years ago,

User Stats

13
Posts
1
Votes
Angela McDonald
  • Investor
  • Tamaqua, PA
1
Votes |
13
Posts

Proactive thinking has me spinning in circles. Help please!!!

Angela McDonald
  • Investor
  • Tamaqua, PA
Posted

I need opions and thoughts, to help me think more outside of the box right now. I have a multi unit property I been chasing for a very long time. I had been trying to get it under purchase contract for about a year when suddenly it came up for upset auction! I was excited, registered as a bidder for the auction, showed up auction day an lost it to a buyer who had $2,000 more in her pocket. Frustrating!! December 2021 it showed up again for sale, this time on the MLS!!! That buyer from the auction did absolutely nothing to the property; but thanks to my education from Bigger Pockets and knowledge of our county and it's record keeping, I know what this woman has into the property in finances!! I quick refinanced my primary residence (FHA) to purchase this multi unit. I waited until I had a date for closing on my refi to look at the property, because I didn't want to get too far ahead of myself then seem unethical to the current owner. Now I'm ready and scheduled a showing on the property but now my mind starts spinning. I'm going to have to take almost all my equity from my refi to put the down payment on this multi. It a great cash flower but do I have enough cash then to fix it. Maybe I can start with fixing one unit and get it cash flowing to fix the others. But then it might take a little while. Dang it!! I don't want to involve a partner because I want to know first that I responsibly can do my first deal without the burden or stress of loosing someone else's money. If I'm going to loose, it's going to be all on me, I'm not going to take someone down with me. The property is a great deal though, how can I loose! I got so many questions in my mind about how to rehab this property. Then how to get my next deal with no cash left. BRRRR right? I want reassurance I'm not going to get myself stuck in only one unit, that I can move forward and also how to make the repairs on the multi. Any thoughts on my dilemma????

Loading replies...