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Updated over 4 years ago on . Most recent reply

User Stats

16
Posts
3
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NA NA
  • Rental Property Investor
  • Indianapolis, IN
3
Votes |
16
Posts

Real estate Career slow down

NA NA
  • Rental Property Investor
  • Indianapolis, IN
Posted

I want to buy my second property but my career has slowed down because I'm still trying to get the first property to perform. It's a four family in the saint Louis area. It needs work, long story short I had to evict everyone for non payment (pre covid) and ran out of money for renovations. So I'm slowly renovating little by little. It's coming along but I want to speed things up. I got a line of credit but it's not enough, I need more money but I don't want a loan, I'd rather have the line of credit. I have a great credit score but I don't know where I can get a line for credit for 20k. Any ideas?

Most Popular Reply

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2,912
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2,406
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Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
  • Investor
  • Youngstown, OH
2,406
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2,912
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Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
  • Investor
  • Youngstown, OH
Replied

Is it still vacant? It sounds like the property is still habitable. Fill 3 of the units. Rehab the 4th. When it's complete, lease it at the new market value, which should be higher thanks to the rehab. Wait for another tenant to move out, wash, rinse, and repeat.

  • Nicole Heasley Beitenman
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