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Updated over 5 years ago on . Most recent reply

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1st time, 24, and need serious advice.

Joshua B Lambert
Posted

I've got a doosy.... let me start off with a wuick personal run down.

Im a 24 year old single dad, making 30k a year in a small town. I split with my ex and had to move into a cheap small trailer park with only 4 trailers. The landlord was the mother of a good friend who ran a bank.

Well, I was offered the property for 45k.

I just so happened to be getting my life together during this time and had the down payment available, I saw this as an opportunity to own my first home (living quarters) and add some income while learning how to be a landlord.

I got a little to wrapped up in the moment and now realize that I purchased 4 trailers, 2 of which are mostly decent (all older than 1997 and single wides), and 2 are in need of renovations. I started renovations on the worst one at the end of last year. 2 were occupied and 1 I lived in. I began to experience some medical problems and put everything on hault and during this time I lost of my 2 tenants. That one needs work before it can be rented so now I only have 1 tenant paying slightly less than my bank payment.

I just resolved my medical issues and am trying to fix my life again, what should my first step be regarding these properties?

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