What's Next on Acquiring more???

[Nathaniel Jones]

I have a property that is 4 hours from where I live.  I bought it 19 years ago for 90k.  The current balance is 49K.  Just had it appraised for 100 - 110K as is.  I want to put about 30K into it.  It has not been well maintained over the last 19 years with a string of just bad renters and the person I had managing it just didn't do good quality repairs or work to it.  It needs new kitchen, flooring, paint, windows, and the 2 bathrooms need work as well along with a drain field on a septic system that seems to have a lot of issues I'm told.  The realtor that looked at it said I could get about 170K to 180K if I did the work to it.  

My goal is to acquire more properties, but closer to easily manage it. For example I bought a home 2 hours away that I am positive cash flowing on by $400 a month. I am being told I need more money down for another property. Should I flip the first home, do a BRRR strategy of some sort on it to get more $$$ for another property. Fair rent in the area for a 3bd/2bath is about $1050 per month.

Does someone want to give me one on one advice or just post your ideas and guidance here. Thanks in advance.

[Jonathan Greene]

In 19 years, it's only increased 10k, and you still have a 49k balance on the loan? Just get rid of it as it is and move on. That's way too much for someone with one property and that property being four hours away. You were likely too far from it the whole time as the management wasn't doing what it was supposed to and you weren't close enough to notice. Scrap it and use the money you have in it to start closer and be more into it.