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Updated over 9 years ago,

User Stats

298
Posts
261
Votes
Nnabuenyi Anigbogu
  • Chicago, IL
261
Votes |
298
Posts

Should i slow down - too anxious..

Nnabuenyi Anigbogu
  • Chicago, IL
Posted

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.

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