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Updated over 4 years ago,

User Stats

27
Posts
5
Votes
Louis Hamric
  • Rental Property Investor
  • Memphis, TN
5
Votes |
27
Posts

Need some motivation

Louis Hamric
  • Rental Property Investor
  • Memphis, TN
Posted

Man today was a rough day. I have been planning on using money from the stock market to do my first deal. I had a lot invested in 1 biotech that I thought for sure was gonna be a winner only to find it wasn't today. I"ve lost nearly 15k when I was expecting unicorns. I really wanted to get into real estate now. I had a plan a strategy. But it was all based on cash. I have 35k I could pull from Heloc at 5.8% and I could borrow 40k from 401k. But based on what I was trying to do I needed 130k. And since that plan was based off cash. I dont know how you could refinance something like that anyway. Too risky.

My original idea was to buy a 6 bedroom house in marginal neighborhood for 75k with total around 25k. I was planning on doing a sober living and paying someone a commission to get clients and free rent to maintain property for around 12k a year if fully occupied. I also budgeted 6000k/yr for marketing. My profit was high. But feeling like the wind blew out of my sails this morning. Could really use some motivation.

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