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Updated over 1 year ago,
Urgent help!! What can I do? Buy, sell, 1031 exchange.
Trying to acquire properties I put myself in a pickle. Good and bad. I used a hard Money lender to purchase both properties.
Property one: Condo, having a hard time to refinancing, running out of time (extended 2 month), in a business name, first time doing a long term tenant and felt bad after hearing their story and ultimately got screwed over. Learned my lesson. Not only are they not paying rent I'm going through the process of an eviction and the HOA is planning to do an assessment of an additional $180 on top of the $220 we already pay. Starting to look like a bad decision, and the realtor suggest that the tenant be out before we list.
Ultimately getting overwhelmed, feeling like I just wanna get rid of it.
Any and every advice/comment is welcome.
Property two: Again bought with a hard money lender, Flip the home, sold it and have a solid down payment for the next property (70k) with a 1031 exchange. I have absolutely no other funds besides my 1031 and I feel like the Charlotte area is so saturated that I'm not sure what to get. Ideally a property that I could sell later for more profit to further my profile. Thinking of maybe purchasing in another state? Really relying on my realtor for guidance but I feel like I need to do more on my part and I just don't know where to start. 45 days are counting down quick and I have until the end of July.
Help please! :,(