Advice on scaling

[Tammy Ginsburg]

Hello,

Would love any advice on this!  I got my first multifamily back in January of 2023, which i am currently house hacking. I have some problems now scaling to my next property.  I got myself into some credit card debt during my renovations.  I underestimated them.  I have no money right now for a down payment.  Is it best to pay my credit cards off first and then save for a down payment?  I feel so stuck right now and it’s frustrating.  I really would love to continue my journey but have no idea which direction to go.  Any advice would be greatly appreciated.  Thank you!  

[Jaron Walling]

@Tammy Ginsburg  You already know the answer. Slow and down and except it. 

"I underestimated them. I have no money right now" - You need to feel this burn and work your way out of it. You underestimated or hired the expensive contractors. Leveraging again to buy another property teaches you nothing. It would probably pile on more risk. 

Making fast moves without much experience is when investors get caught. Unlike what the TikTok gurus preach you can't leverage continuously to financial freedom. What about a personal emergency fund? What about rental reserves? I'd save for both and pay off the CC debt.