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In the end, I should have contracted another realtor who could keep the emotions out of the deal, like I do each time I represent a client. I still acquired the property at a significant discount, but the discount could have been so much better! Purchasing a massive 115 year old brick building with poor maintenance and going over my budget by almost double. I pulled savings and a HELOC out to buy a new building. We fell in love (first mistake) with a beautiful 2 flat with an unfinished basement on the Northside of Chicago.
Most of the money was set aside for improvements including a new unit in the basement and new HVAC throughout. The brick on the front of the house needed to be replaced and the plumbing was rotting apart. To make matters worse I got over confident and rented out my current unit for the first of July.
Just under 2 weeks left to get one unit inhabitable and we still have walls opened up, the HVAC half way done and the front of the house in pieces. I still believe we can get through it but we made a lot of mistakes on the way. Get the trades people out here to take a look and quote. When dealing with older buildings set aside more for major issues. I was WAY OFF and locked into the deal way overpriced.. When the market crashed we realized a few of our properties were in towns where the local economy had only 1-2 sources of employment.
When those businesses closed up shop, the (very) local economy crashed and there was no need for housing. We learned a lot about online cash advance direct lender investing in areas with diverse businesses, consistent demand for housing and strong underlying economic factors! I purchased a house in Hampton Virginia, an out of state deal. House details, I purchased in 426 Chapel St Hampton Virginia, 23669. I met the realtor that I hired and he showed me properties in January. I did my due diligence as far as area, and type of house and got a good feel of it, so I decided to move forward. My confidence in him was quickly growing with how fast they were moving. I asked him to send me photos and updates, he rarely sent any photos and it took 3 days at times for him to get back with me. At this point of the project we were hitting 3 months. I told him to work on the flooring before I send more, he acknowledged and said okay.
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Two days later he asks for money to pay his guys so I requested photos, again it took about a week to receive any.
At this point we hit 5 months and my loan fees were growing. Fast forward I called for a construction draw, my lender gave me online loan companies for bad credit a lot less than requested.
I then asked for photos of my project because my contractor rarely sent me any. The contractor was getting further behind and decided to quit taking my phone calls. For about a month my project was sitting trying to find another contractor. A lot of add ons and so called issues that came up. Job was finally complete and it took a total of 8 full months to complete (well over my 60 day timeline). The house online cash advance direct lender due to horrible workmanship according to a lot of realtors in the area, the house took 3 months to sell. What I learned was first get a home inspection not matter the cost so I know exactly the issues so that I do not have a contractor telling more issues came up. Hire payday loans no credit check the right contractor, interview interview interview. DO NOT PAY FOR WORK just because the contractor has to pay his guys. Looking at the deal now, if everything went smooth with my contractor, the deal itself would have made money. I used commercial lenders far too willingly simply because "they are easier. Sure, the process and underwriting takes longer, but the total interest payment over the course of the loan is a huge amount more. Plus, most commercial lenders are morons, so the process is actually quite difficult, and then of course there are the mortgage servicers to deal with. I decided to have all the plaster and lathe ripped out.
I definitely should have just had the rough looking walls repaired. To this day it still sits vacant with a stop work order hanging in the window. My first investment biggest mistake: buying a place with an inherited tenant. Bought a SFH with a separate carriage house in back then asked the tenant to move out because I had plans to move in and renovate that unit while renting out the SFH. Turned out to be a huge hassle, the tenant did pay for the two months they were there but the stress of having them leave was not something I would do again without more info on the tenant especially during the COVID19 pandemic.
We started as investors as online cash advance direct lender flippers and wholesalers using bank credit lines. The banks made it FAR too easy to roll a rental off the credit line, onto a commercial 5 year note with 20 year amortization. By the time we learned the Freddie Fannie rule, we had too many properties to qualify. Now I tell all new investors to start financing with their 30 year fixed loans until they max out, and then move to other loan types. We got in touch to discuss what on Earth she was talking about and turns out our sewer line simply connected to hers... Long story short - after discovering there was no sewer line even close to our house to connect to we got an easement from another Neighbor - paid her about 5k plus a yard makeover... Could have ended up with a house with no sewer connection. I made the mistake of trusting a contractor in San Antonio, TX. Paid him several thousands of dollars for work completed that was done subpar. I will now obtain contracts for all vendors and vett those vendors extensively. I now am trying to start fresh from the beginning after being forced to file BK. Actionable advice for getting started,Discover the 10 Most Lucrative Real Estate Niches,Learn how to get started with or without money,Explore Real-Life Strategies for Building Wealth,And a LOT more. Sign up below to download the eBook for FREE today! I am going through some analysis-paralysis and second-guessing myself, as this will be one of the biggest financial decisions my husband and I will be making - aside from buying our primary residence - which I wish we could do all over again with what online cash advance direct lender I now know. I can make all kinds of excuses to talk myself out of this. I have no experience with any rehab projects and have even shied away from re-grouting our own bathtub tiles for fear of ruining something. All I see right now is a number of possible mistakes, failures, and losing a lot of money (for us). I know this is just part of the process for us - and hope to be back on top of everything again as we move forward. I read everything in this forum to learn as much as I can, and I love the success stories however, I would love to hear all about the other side. Did you make them in the beginning of your REI experience or later, after years of experience?
I took the high road and honor my commitment to the bank to pay. Account Closed, post the potential deal on here and get feedback. Start focusing on the positive possibilities about how this type bad credit loan of investing can change your life. If you believe you are going to fail, believe me, you will. Get rid of that mindset and focus on the "WHY" are you thinking about investing in real estate. If it is that important to you, you will find a way to make it happen.
But positive thoughts are necessary get going in the right direction. Most that have failed, and the number far exceeds the number that succeed, are not on here and you will never hear from them.
They failed badly and probably are still trying to recover years later. Not payday loans online bad credit ok really a good example for a real estate forum and obviously not what you are seeking.
The reality is that although many may suggest you jump in and learn the ropes this is usually the advice that those that failed followed. Knowledge is mandatory however until that knowledge gives you the personal confidence to move forward you are not ready. It is your common-sense telling you that you still lack confidence in yourself to move forward. Mentally you must gain personal confidence then all that remains is fear of the unknown. A twinge of that will exist in every deal regardless of your level of expertise. Moving forward it is also mandatory you reach the mental state of accepting you can lose it all but still feel confident it is worth the risk. Once the thought of losing everything is no longer a mental block you will be ready.
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