$500,000 in Properties, $200,000 in equity, $0 Income?

[Deshawne Peak]

Hello everyone,

My name is Peak, I started my real estate journey back in April of 2019. Before i get into the meat of things i think I should share a quick backstory:

I started reading books and looking into wealth creation within the past year, shortly after found BiggerPockets and the benefits of real estate. I am a recently commissioned Air Force Officer, but currently facing a long waiting period before starting training here in Mississippi. With that being said I am not being paid by the Air Force, which has made it somewhat difficult to expand my portfolio.

Heres my current situation:

I bought my first foreclosure (primary residence) in April for $70k and have since remodeled and got it cash-flowing using The House Hacking Strategy.

Shortly after, in June, I purchased a Duplex for $22,000 via Seller Financing with roughly $5000 downwhich immediately started cash-flowing and offered a major equity advantage. After visiting a small bank, they appraised the property at $60,000, because this was a “handshake deal” meaning there was no deed of trust or outstanding mortgages against the property i legally own it outright. Despite my unemployment status the bank gave me a $40,000 equity loan against the duplex which opened up major doors...

With the equity loan, i managed to purchase a 10-unit apartment complex for $160,000 with $20,000 down also seller financed. The remaining balance from the equity loan is what i have been using to remodel the apartment complex and it has come along nicely!

This brings me to the title of this post...

In a short time, I have acquired an estimated $500,000 in real estate, with roughly $200,000 in current equity. This has snowballed for me and while i am excited, i have no idea how to access this money given my employment status AND low time and grade in the business. I do have rental income, but the 1-2 year timeframe banks prefer hasn’t passed yet.

In short, I’m running out of money to finish the remodels on my apartment complex, I do have a serving job where i make some cash but not enough to compensate the labor hours and material cost my contractors need to finish up.

What can i do? What would you do? Help me please!