I'm getting out, I had all intentions of and had cash in hand too.

Refi’ing wasn’t my intention initially tbh, but I haven’t had my current primary mortgage that long (refi’d with rocket mortgage last July), so I’m not opposed if the numbers work out.I’m still shopping around, though.

Here's my storyIm 25, and I bought my first property last year in Vermont with the intention to repair and rent.

Here’s my situation.Montgomery AlabamaPurchased my first property for $107k with the intention to rent it out eventually.

The deal had a very healthy spread and I buffered my budgetary numbers by a significant margin as there are always skeletons in the closet, with the intent of having a GC get there ASAP. 

Some great answers, my intent would not be to spend the $$ on the investment property but to pay off the mortgage on the primary.

Greg, I thank you for the good intentions behind your comment.

A lot of buyers in the past couple years purchased with the intent to rent their homes on a short-term basis (Airbnb) which caused prices to shoot up and for one reason or another, a lot of these buyers are deciding to cash out which is creating a large inventory of homes in residential neighborhoods and putting downside pressure on home prices.We are definitely seeing home prices in residential neighborhoods coming down a lot and with the high level of inventory, there seems to be more room to come down.Home prices on acreage in the more affluent parts of Joshua Tree and Yucca Valley (south of the 62 Highway) are slower to come down.

Explain your intentions to the seller and tell them you'll get them their asking price.2) Get it to cleanest sell-able condition with minimalistic staging3) Put out an ad that next Saturday and Sunday there will be open house with open auction and the place will be sold to the highest bidder on Sunday evening.

However, if the property is tenant-occupied, accessing it for renovations might prove difficult.If your intention is to purchase a distressed property for value addition, I would caution against acquiring properties with existing tenants, as this can pose challenges in the renovation process.