Dear Bigger Pockets,

[Mark Graziano]

Dear BP Mentor,

I feel like I am spinning my wheels.  I was finally able to buy my first rental property this year in May with a conventional loan and after a small rehab had it rented out by mid-June.  Now that I have that under my belt I am ready to take more action.  

With a limited marketing budget, I have started a small direct marketing campaign (about 250 pieces per mailing) as well as actively D4D.  Through D4D I have found, researched and mailed about 8 owners and continue with this practice weekly.

I spoke with one of these D4D leads and walked though one of their properties however the numbers just didn't make since when taking 70% of ARV and then subtracting out rehab cost, closing costs and holding cost. I would rather have no deal then a bad one.

So my question to the community is what are my next steps?  I feel like i am just waiting until I have saved enough money from my J.O.B.  until I can buy another property, however I am far from comfortable with that plan.   I am all about taking action, and would like your input.

Thank You

[Mark Graziano]

Thanks for your replies

@Logan Dickson  I do have a family member that is willing to provide private funds on a limited basis.  They are only interested in fix and flip possibilities but not so much in private lending for rental properties. 

 @Jerry Padillathe short answer is no.  The property that I purchased was purchased at a discount but after the renovations the mortgage is at about 70% and any fees that I would encounter in the refi would eat up any moneys I would get back in a cash out refi.

This purchase is more of a cash flow property than anything else.  Its value is around 72k has a mortgage of 45k and cash flow of about $350 per month.