Heklo fellow investors I have read and heard of Manet of your stories after having spent the last 4 years listening to bigger pockets podcast. I was really encouraged to know that I’m not the only one that has gone through struggles like you all have.
I think I need a mentor to help me out. I JUST FEEL STUCK
Over 2 years ago I purchased a duplex in Lacey Washington with 3.5 % down with a total purchase price of 495000 my mortgage payments plus expenses comes to about 3200 a month. I lived on one side while the other side was rented for 1600 a month.
I lived there for a year and completely remodeled my side for about 40000$
I then had someone that wrote a lease to move into my unit for 3200$ a month, so I moved out back to my parents for 2 months.
I looked for a new home to purchase, and
I was so thankful to find something that worked. I was able to use the lease agreement from this new renter and my w2 job income to get the deal. The terms are almost exactly the same as the duplex. Same mortgage and expenses, same money down and same renovation costs. But the purchase price is 395000
It is a 3 bed 2 bath house in Lacey that needed some updates.
So as soon as I moved in I started renovating the whole house while I lived in my tiny home on the property for about 2 months.
Now the house is done and I felt like I could relax again and not have projects for a while I assessed my situation and made plans to move forward with possibly more purchases, even a flip.
But as you know, stuff comes up.
Within a day I got word that my water heater at my house needs a 1000$ fix.
And from the cold weather causing a bursted opening the attic, half of the ceiling fell through the renovated unit at the duplex.
So i had to kick the tenants out of that side and relocate them as it was not livable.
I am currently dealing with insurance for the fix of the place which could take up to 2 months to complete and I have upcoming tenants that I might need to turn down while I wait for the fix.
Anyways long story long. I’m not able to save money and I have to maintain my job to pay for expenses of my properties and my main goal is to not rely on my w2 job and start to fund my own deals.
At this point I have almost everything I own up for sale to make the difference even the tiny home. I don’t know what else to do.
I’m afraid I am over-leveraged.
What would you do in my shoes? I want to bring value to people like you but I honestly don’t know how. I just need some direction and ideas. Anything helps
and GOD BLESS
