I've got a doosy.... let me start off with a wuick personal run down.
Im a 24 year old single dad, making 30k a year in a small town. I split with my ex and had to move into a cheap small trailer park with only 4 trailers. The landlord was the mother of a good friend who ran a bank.
Well, I was offered the property for 45k.
I just so happened to be getting my life together during this time and had the down payment available, I saw this as an opportunity to own my first home (living quarters) and add some income while learning how to be a landlord.
I got a little to wrapped up in the moment and now realize that I purchased 4 trailers, 2 of which are mostly decent (all older than 1997 and single wides), and 2 are in need of renovations. I started renovations on the worst one at the end of last year. 2 were occupied and 1 I lived in. I began to experience some medical problems and put everything on hault and during this time I lost of my 2 tenants. That one needs work before it can be rented so now I only have 1 tenant paying slightly less than my bank payment.
I just resolved my medical issues and am trying to fix my life again, what should my first step be regarding these properties?
Hey @Joshua B Lambert -
Sorry to hear about some spurts of bad luck recently, but keep your head up, and keep solving problems. You'll get through it and the problem solvers are rewarded.
I would focus on the home that needs the LEAST amount of work. Get that one fixed up and get a tenant in there so you have some additional cash flow. If you need money to make that happen, Apply at Home Depot and pick up a few extra hours to get a discount. (However, it may be better to try and find used stuff from a rehabber).
After you get the easiest rehab done, move on to the next most challenging. Do this until you have all of them rehabbed and rented out. However, make sure to screen your tenants.
Best of luck, and remember, keep your family (kids) close.