Updated over 6 years ago on . Most recent reply
Refinance mentorship and suing
Did anyone go to one of these seminars where they teach you about real estate investing? I'm sure they probably want you to sign up for a paid mentorship program. I'm not sure I'm making good decisions but I am making the best decisions with the knowledge that I have. I now have 3 rental properties and one primary. Two of my rental properties are doing amazing and 1 of them is a money pit. I am at the end of my rope with spending. I went ahead and refinanced 1 of my houses to get some cash to get the bad property up to par. I have excellent credit I'm just wondering if I making good decisions. When I project my budget out 3 years it looks like I'll be making a decent living. But right now I'm up to my eyeballs in expenses. This refinance will get me out of the red.
I'm also thinking of suing the real estate investor that I bought the property from. He obviously covered up a lot of issues. But there were also a lot of issues I was aware of. I'm spending $750 for an attorney to send out a judgment letter hoping He will just want to pay me the cost of the expenses and not have to go to court. If we go to court and I win the attorney says I could get up to 3 times the amount of the expenses plus attorney fees. But if I lose I'm out the money for court costs plus the expenses the attorney has a $5000 retainer plus another $5000 is expected before it's all said and done. I live in Texas.
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Trust me, you'll be way farther down the line than $10K if you make it to court. Cut your losses, learn from YOUR mistakes and call it the cost of education.