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Updated over 5 years ago,
Looking for advice from experienced investors
I have gotten myself into a little bit of a situation. I am only looking for advice from people who have 3-4 years doing real estate. I am also not looking for negativity. So, about three months ago, I had the choice to either quit my job or be fired, and, both of those choices have the same result. So, I have been without a job for a little over three months. When this happened, I closed on a house the next week, so I figured I would be fine financially to make it to the end of the rehab and then have enough money to live on till the next deal and etc. Well, I also had the genius idea to do the rehab myself instead of hiring contractors because I wanted to learn how all of the processes worked and have a general idea of how much materials and labor should cost. I heard it on one of the podcasts the investor said that everyone should do their first rehab themselves to learn everything and so you would know if you were getting ripped off by contractors. I did two walkthrus and had a home inspection done before closing. The house was in pretty decent shape just extremely outdated. The home inspector confirmed that. So, I assumed I could get the rehab done in under two months. I mean everything appeared to be cosmetic. That was not the case I will not go into details, but there was a lot going on in the walls, which I expected because from listing to 80 podcasts and reading all of the books, you learn that something always goes wrong. The deal is still fine I made sure there was a considerable cushion in the numbers, but the issue was the amount of time I have been putting into this house had made it to where I cant look for other deals or find other sources of income. There have been at least ten huge financial surprises come up in my life outside of this house, and I am all tapped out. I have absolutely no more money. My credit score has dropped hugely, which was to be expected with everything being maxed out and no income. I just don't know what I should do. My options in my head are, get another job, which will not be hard, but it will set me back on this house even more or, Take out another personal loan. But at this point I feel like I am so over-leveraged that I will not be able to get out of this hole if I add more debt. I would appreciate any advice that can be offered.
The house numbers
Paid 95k
the loan was for 85K
rehab was 15k
ARV 185k
So I should profit around 60k
I need to finish this house, and I have another at least two weeks till its done.
The house numbers
Paid 95k
the loan was for 85K
rehab was 15k
ARV 185k
So I should profit around 60k
I need to finish this house, and I have another at least two weeks till its done.