Rehabber who used to use cash and skip due diligence but got beaten down that way! Now trying to get started the right way, I have deals on my desk, but why can't I get them analyzed? I am so stuck. I have some numbers, but I cant figure out my exit. I cant find a lender for a low end property, and I am not creative in the least, zero creativity, so I have no clue what I would do with this one property that is less than $50K with acquisition and fix up. No clue. I've spent countless hours on this education and still have no clue what to do. Why am I so stuck? I want to renovate it, but it has an encroachment issue, but that can be resolved with the neighbor granting the land that the house is encroaching on, but that's the reason for its low price (from a wholesaler)./ I can pay cash for acquisition but need repair money. Or the other way around. When done should I rent? Rent to own? re-sell? I am so stuck. When it comes to proper analysis, I am totally retarded. Can anyone help me get up off the ground?
Hi Brenda, chin up! First, you need to stop the negative self-talk, like "I am not creative... I am so stuck... I am totally retarded" (which, as an aside, is a term I suggest you stop using, as it is offensive to those of us who have relatives with actual retardation). This kind of attitude will not lead you to solutions. Frame your issue as "Where can I find funding?" Call, e-mail, message everyone you can find who could possibly lend you money, here on BP or in your circle or your local investor group. Maybe this deal is an opportunity for a newbie to partner with you, bringing money to the table in exchange for training from you and a share of profit.
I don't know what the best exit is for this property, since we don't have the details of the property, info on the area or your personal financial situation and goals. But it would be helpful for you to write down a list of the possibilities and then list the pros and cons of each. Writing things down may help you work through the mental block. Good luck!
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