Blew it all in one shot.

[Chris M.]

Saved about 100k to get into the business. Sent 2k yellow letters with a few hits.  Steadily getting more hits, but here lies the problem.  Spent 20k on 9 acres of vacant land in the heart of town.  Then, made the knee jerk decision to pay cash for a 62k rental once I learned it would need flood insurance. Otherwise would have financed it.  

Go figure, now I've got more opportunities knocking, and most of my cash is gone; in the blink of an eye. Of course, to finance, banks require 20% of sale price, regardless how good the LTV is. What do I do?

Thinking of selling the rental and chalking it up as a lesson learned.  Then, pursue buying as originally planned.