General Real Estate Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 9 years ago,
Should i slow down - too anxious..
Morning,
I am posting this to get some advice and also to hopefully give other newbies something to think about.
I jumped into REI intensely in February this year. As of today i own 5 cash-flowing units (1 condo and a 4 unit) worth about 700K, I am an investor in a flip that is 60% done and just closed 2 weeks ago on a 180K flip with 140k rehab (450k ARV) that is entirely mine. So i own approx 900k in real estate. As things go i think i have done ok in real estate this year.
However i keep feeling like i haven't done enough and keep looking to push and get more deals under contract. I put in a bid on a fannie mae homepath property for a flip. It has good numbers (215K purchase + 130K rehab with 475K ARV). The bid just go accepted, however the HELOC that i was going to use to fund it fell through at the last minute (last minute credit pull showed a new account that wasn't there before and messed with DTI).
I can probably fund the deal using credit cards and mess with my credit score (i have pretty high credit limits) but I am thinking that this might be a sign that i should slow it down and stabilize everything before the next deal. I keep going back and forth between pulling out of the deal and waiting till next year or pulling out cash from CC's and trying to get creative.
I just wanted to get peoples take on this. I know some of it has to do with personality and risk tolerance too.