FRUSTRATED with $20k to spare

[Barry Westover]

I did my first flip in Gainesville FL, well it was a half a flip but thanks to the RE agent that is also a BP member ( Jennifer Baronna ) she saved my bacon and found a buyer to take over the half finished rehab. I still walked away with $50k thanks all to her ! fast forward 3 months my money is dwindling down from 30k seed money to 20k due to using it as income. Everything is so expensive here in Austin so I chose out of Killeen and San Antonio to go with SA due to a larger market. I have a GC ready to go. Found a killer deal that my small 20k all in would be enough , the deal was 58k pp (which i big 67k and still lost), rehab 100k and ARV 300k. This deal would have put me back in the race to play with the adults. Now I just feel stuck like chuck with no truck hat i cant find deals that are within my low budget. ANY VETERAN SUGGESTIONS WELCOME

[Ryan Kelly]

@Barry Westover if you were to run into problems and still need to pay personal bills, where would the money come from? If you don't have reserves or personal income to cover those expenses, your financing is too low. I know it sucks to hear but you want to have more money available for the unknowns. We're also heading into a market downturn where ARVs are coming down, so you may have thinner margins than first calculated. Focus on building up a war chest and you'll be better prepared for the next deal. Keep at it!