Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago,

Account Closed
  • Rental Property Investor
  • Porter Ranch, CA.
3
Votes |
48
Posts

Newbie just closed on 2 flip's...now, how do I not lose them?

Account Closed
  • Rental Property Investor
  • Porter Ranch, CA.
Posted

First and foremost, thank you for taking the interest & time in opening up this post to read!

I'm a NAVY Veteran who last September took all my equity out if my inflated Southern California home and chose to begin my REI journey in San Antonio, Texas. I closed on my 1st property in November and my 2nd this past Valentine's day.

The 1st; was a 70% hml with my own capital including the 30% and full 75k rehab(took 4 dumpsters, previous original homeowner from '85 was about to default on his second mortgage...they left everything behind and everything on the property was completely neglected...I even poured a new driveway). This house is a 2,503' sq. ft. beautiful corner lot on a .25 acre w/an inground swimming pool purchased for 163k and prior to the sh*t hitting the fan, AKA corvid 19...I was going to list it for 310-320k. I'm about 99.5% completed...what are my options? Should I go ahead and list it or are there any alternative's that could be beneficial? Carrying costs is about $1,400/mth

The 2nd; is a 277k outdated gem already appraised at 440k thats going to take about another 75k in rehab. So far only demo has been done which includes the installation of 3 lvl beams to completely open up the 1st floor layout. Now that we're about to move all my efforts over to this property since the 1st is complete...my wife and I are nervous to begin to drop that 75k into it, because of the unknown corvid 19/economic forecast. The problem is, this properties holding costs is about 3,300k/mth. Because I'm new to REI...I'm respectfully wondering if there are any intelligent/savvy alternative's that could be beneficial to my situation?

In advance, I truly appreciate to any and all who respond to my post!! I also hope everyone stay safe and healthy throughout these unknown times ahead of us. God bless America and everyone else worldwide.

Loading replies...