All Forum Posts by: Michelle T.

I work a full time job, live 45mins away from my job and have two young kids. Online was the only way for me.  I used RealUniversity.com and was very happy. 

I got my license for the same reasons that you are talking about.  I have been with an investor friendly brokerage since October last year. I'd be more than happy to talk more about my experiences, good and bad, representing investors (or at least trying to), costs involved etc.  

Thanks again @Jerry W..  It's advice like that I am looking for.  I am not familiar with the Dodd/Frank act so I'll add that to my weekend reading.  Appreciate it!

Thank you @Jerry W.!

I forgot to mention it is in Eagledale, Indianapolis.

I think writing that out helped me see things a little clearer.  I'm now thinking the lease option is my answer.  Maybe a low Option Fee, Rent $850, 24mnth term, put $50/m towards principle? and set purchase price at $60K.  totally throwing numbers out in the dark here.... do I still provide property management? I obviously still have homework to do....  

Hello BP - I tried to keep this short.

I purchased my first and only investment property mid last year. I have had quite the unpleasant, while very educational, journey and now find myself lost and not knowing which direction to go.  I am now looking for advice from more experienced investors on my next step.

My intention was to do the BRRRR strategy. I had a HELOC of $62K.

Here are the numbers. 

Purchase $35k

Contractor #1 $11K

Contractor #2 $14K

All-in at $60K

ARV would be around $58K but it still needs a roof and could do with siding to be comparable with others in the area - another $5-7K but I have literally run out of money.

I would consider myself lucky if I could sell it for $53K. After commissions, closing costs etc. I would be left in the low $50's - high $40's with over $10K outstanding on my HELOC to pay off and no property to show for it.

Do I consider this my education fee? sell the property, slowly pay off my debt and cautiously consider trying again some day? or do I keep it, refinance, rent it so I'm at least making some cashflow out of it and put all the cashflow on my outstanding HELOC balance until it is paid off?

did I mention I'm in a flood zone? one of the many lessons I learnt the hard way. There is a fine line between "jumping in" and "analysis paralysis"..... I think a little more analysis might have gone a long way with me.... 

Rent $800 (was told I could get $850+ but I'm not see it in my research)

insurance $183

taxes $100

PITI $395

PM - $0 - I'll have to learn that the hard way to help with the numbers. I live 1hr away from the property.

Maintenance/vacancy $0 - will have to use HELOC as my back up so I can put as much money as possible back into paying it off.

Cashflow = $120

Or, do I do a Lease Option? because ideally in the end I would like to sell it because it is in a flood zone and the insurance is rediculous.

Any words of wisdom or advice would be greatly greatly appreciated.  If there is a local that I can buy a meal for in exchange for helping me out of this please just say the word.

Thank you in advance!

Michelle

Welcome! Keep us updated on how things go.

Best wishes and Happy Investing!

Looks great.  Thanks for sharing! 

Hello Turnkey Buyers!

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www.goamerivest.com

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Happy investing!

Hi @Abdul R.  I represent a turnkey provider here in Indianapolis. If you are interested pm me.

@Uchenna "Che" Nnaemeka