Scared: I bought three distressed houses with no money for rehab.
Hello BP!
I've been grinding for the last several months, with two jobs, family crisis and a caregiver for my sister. My plate has been overloaded But, I love real estate and make time for it somehow every week. While trying to get my finances together and pay down my personal debt, some deals came through that I could not pass up and my low offer was accepted! Two tax lien deals and an abandoned property. All three properties will rent in my area for $600+ and cost me about $30000 which I paid with credit cards and some of my cash. The debt I just paid down made room for the investment but now I have high debt ratio again. City code enforcement had already started gunning for these properties and now all I can afford to do cut the grass and clean up the exterior. I applied at a local bank but high debt ratio and low value of the property hurt the deal. I'll keep looking in my network for the money, but does anyone else have any insight?