All Forum Posts by: Kyle Summers

Thank you for your response. It is an encouragement for sure.

I would love outside of the box ideas. I am mainly looking for a mentor that would guide me along for a while. Either help me change my course or redirect my strategy.

Thank you

 Thank you for your response.

Yes I feel over leveraged. I make just barely enough in my job to cover the expenses for both locations. This is not taking account for the rainy days though.

 I have to roommates which helps for about 1000$ of my house payment.

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

Hello fellow Investors!!! I am in a unique situation that I don’t know where to go from here with. I currently live in a 3 bed 2 bath house that I just remodeled and have 2 friends renting the other 2 rooms for 600 a room. My mortgage and expenses comes to about 3200 a month.

 I own a duplex that has consistent rent of 1600$ a month on one side and the other side has been vacant for 3 months after it was rented for 3200$ a month to a traveling nurse. She was there for 4 months, but now the vacancies has depleted my savings and I am just as of today launching Airbnb through that unit (I am paying a cleaner/manager 20% plus cleaning grade) I’m not sure how this will perform, but anything helps. The mortgage and expenses on my duplex is 3200$ a month. 

I work as a union carpenter full time which is paying the bills just barely each month. 

I also own a tiny home that my HOA is forcing me to move from my property. My originally plan with the tiny home was to

Find a property to put it on, rent it out. Until I was ready to build my own home there, but I haven’t found that yet and I don’t having the savings to buy right now either.

 So I am forced to sell as this will be the easiest option to build my savings again and have possibly money again to invest. 

My long term goal is to have my realastate investing take the place of my w2 job before I have a family of my own.
anyways thank you for listening, any ideas helps. I’m excited to here and connect with people that might be able to help me out with some wisdom. Thank you

Thanks bigger pockets for all that you have taught me.