Investors want to hear good news fast and bad news even faster... 

And if your investor friend’s private loan helps fill in any gaps, it might be worth considering that short-term pain for long-term stability.What do you think you’d focus on first... paying off that line of credit as fast as possible or jumpstarting the renovation to boost cash flow right away? 

@Sam HendricksenMultifamily is super competitive in this area and you have a huge advantage over your "competition" with the fact that you are owner occupying as most deals nowadays hardly cash flow. 

We had to move fast and initially decided to sell it, the relator who was helping us somehow convinced us we should make it a rental property......... and let her be our tenant (insert face palm here) so since we had no real estate experience and we were already moved away, we agreed.

.- Background: Took some real estate classes before but really a lot of self learning on creative financing - Current Goal:To close my first wholesale deal within the next few months by learning from seasoned investors and applying proven strategies.I'm here to absorb as much knowledge as possible, so if you have any tips or resources, I’m all ears!

When doing MTR in multifamily properties, parking is SUPER important and is actually my starting point when looking at homes.

Make sure you talk to a Banker or Loan officer that is well versed in both SE (Self Employed) income and also Non/QM programs.One tip I will give you as a Banker is open up a "Business Checking account" and for the next 12 months pay "Everything" out of that account. 

Rates are still super high and we've seen a ton of appreciation over the past 5 years.

I hope you have a fast recovery Champ!!!!

As I wrote in another reply too - one more benefit for me is that in a way it's "forced savings" - I have to find a way to pay the bill...