It's important to analyze what went wrong to avoid making the same mistake again.I see a lot of new investors spend their very last dime purchasing a rental, then they have no money available to cover unforeseen events like what you experienced.

4) What I would do with 40k if I was in your shoes is i would get pre approved analyze the potential deals on small multifamily specifically a side by side duplex.

I recommend working with an investor-friendly agent to help you figure out the market before analyzing any deals.

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*This link comes directly from our calculators, based on information input by the member who posted.

Hey everyone, 

25 year old Orthopedic Surgery PA in Staten Island, NY, looking to garner my first...

Hello,
I am a beginner investor trying to purchase my first property. I am planning to do a house hack on a property. I used the calculator and got a 41% CoC ROI for that property. I feel this is too good to be true....

Spend time analyzing your market and be very confident in your numbers before committing to starting this new venture. 

I could also take a look...I've helped a lot of people analyze a listing to see what could be improved or gather more attention on the OTAs.

For my out of state clients I'll find the property, analyze, get into contract, inspections, then start setting up property mangers and contractors if needed.

My main goal is to understand what types of loan products are available, and we are now more open to analyzing out of state purchases.We are eager to make our first purchase within the next 3-6 months.

Learn your market inside and out and build a team of people around you who can help you analyze deals and make moves.