Blew it all in one shot.

[Chris M.]

Saved about 100k to get into the business. Sent 2k yellow letters with a few hits.  Steadily getting more hits, but here lies the problem.  Spent 20k on 9 acres of vacant land in the heart of town.  Then, made the knee jerk decision to pay cash for a 62k rental once I learned it would need flood insurance. Otherwise would have financed it.  

Go figure, now I've got more opportunities knocking, and most of my cash is gone; in the blink of an eye. Of course, to finance, banks require 20% of sale price, regardless how good the LTV is. What do I do?

Thinking of selling the rental and chalking it up as a lesson learned.  Then, pursue buying as originally planned.  

[Patricia Steiner]

Lesson learned?  You haven't finished.  Acquiring is just one part of real estate investing.  Any idiot can acquire - it's what you do with it that makes you genius (not to mention rich).  Get back in there.  You could finance the rental now or even the land.  You could flip both.  You could bring in a development partner for the land deal.  Geez...you got stuff.  Make it work for you.  And, there will always be opportunities knocking and if you jump at every one, guess where you'll be?  Right where you are.  Start plotting and scheming on how you make what you have into something that shows you were right all along.  I think you might just be...