Everyday I'm struggling

[Allen Nelson]

Ok, first post. Bought a house in 2018 for a tax shelter. Like everyone says, I am tired of 9-5 7 days a week, paycheck to paycheck. I got it for a descent price not a great one $150,000, but it was going to be a primary. 3 years in I wanted to get into real-estate. So we fixed it up. The market was hot. Originally, informed that I could get $2300 a month which would have cash flowed. Signed for $1600. Secondary statement, I cashed $30,000 in equity to start looking for new property. Found a great deal from a family member. Contracted home for $100,000, butttt, before closing and especially appraisal we began demo. Bad idea. Now the bank won't close the loan because the house is under construction. We are stuck losing money in a rental until complete in the next two weeks. On a positive note, the $100,000 price tag will jump to about $170,000 when complete and we will be in for $20,000 including down payment and re-hab. I know this is not the way of the Jedi, but no losing is winning. Learning is winning. Thanks BP, I'm looking forward to the adventure to come.