Humbled New Investor

[Colby Kirkpatrick]

Within the last six months I have purchased two SFH properties. One in Wisconsin that I paid cash for 80K & one in Boise that I used HELOC on 175K Currently rehabbing both. I also have a sub2 I'm taking over April first. Tough lesson #1 Cash sales are great when done right (Used all my Heloc money to finance second property and had nothing left for rehab). #2 Took out personal loan for 40K for rehab and was paying my contractor by the hr. #3 didn't sign any kind of contract with contractor(Hand shake agreement). Just flew to Wisconsin just to find out that after 4 months and about 25k hardly anything has been done.

So now I have no money to pay back personal loan or finish rehabs/furnish properties. Looking Private Money/Personal Loan for 100k with a lower interest rate (4-6% six month term) 

Property #1 3/2 SFH PP 77k Rehab 40k ARV 170k seasoned as of Feb 10

Property # 2 2/1 & 1/1 Duplex PP 175K rehab 30k ARV 275K seasoned as of Mar 30th

Property #3 Sub2 3/2 SFH 0 down 20k rehab ARV 200k

*All three to be Medium Term Rentals with cash flow of around 5K

Thank You in advance for reading this far!!!