Finally all but one of my houses is not underwater

2 Replies

As I discussed in a previous thread How my 5-7 year plan went to ****

  the first bunch of houses I bought haven't done very well.  In fact, until recently almost all of them were underwater, many are still worth less than what originally paid for them.  However, since I didn't put anything down on most of them it wasn't a complete disaster.

With the continued rise in the ATL market and 7-10 years of paying down the mortgages, all but one of the original properties is now above water; albeit, only slightly on a couple of them.  The last one was one purchased with the idea that a family member would buy it, didn't happen (NO SWEAT) and it was bought far below the 1% rule.  Plus I didn't pay much principal on it for the first seven years I had since it is on a 10 year interest only 30 year mortgage.  

Bottomline- my bottomline is beginning to look much better, now if I could only figure out a way to get them to cashflow.   

@Cal C.

I remember your thread. Good job on getting above water.

Are any of them cashflowing? Or are you paying out of pocket for all of them?

What is your contingency plan in the even of vacancies or major repairs?

I hope you don't mind all the questions.

Originally posted by @Wendy Noble :

@Cal C.

I remember your thread. Good job on getting above water.

Are any of them cashflowing? Or are you paying out of pocket for all of them?

What is your contingency plan in the even of vacancies or major repairs?

I hope you don't mind all the questions.

 Some of them are cashflowing, but not by much.  Last month after five years of trying I was able to refi some of them so the cash flow situation has improved. Regardless, I'm able to cover everything with profit from flips and/or cashflow from houses I bought between 2010 and 2014.   

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • 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.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.