What should I do now? What are your COVID investments?

What should I do now? What are your COVID investments?

Flipper/Rehabber · Virginia Beach, VA · Member since 2018 · 95 posts · 65 votes

Just looking for suggestions to get the ball back rolling.

( Here's a little background)

Over year quit my W-2 to full-time invest. Between then and now, I have fully flipped one house I'm almost done with my second. I had built a reliable team (partner, lender, private money, Insurance agents, some pretty reputable mentors contractors, realtors, etc....) In the last three months had three more houses under contract. Then Boom..... LOCKDOWN hits as soon as I finally got my feet on the ground, a reliable plan, team, systems, and everything else in place; it all falls apart. I lost my lender, private money, I had to release from all three contracts. In normal circumstances, this wouldn't be a big deal. I've busted my ***, getting my name out there in my area and could quickly fill those gaps. But everybody I've reached out to seems to have locked up their money.

My brain has gone into crisis mode, and even with meditation, there are too many ideas/stress swirling around I cannot sort them out. I'm not giving in or giving up, just wondering where I should start to put the pieces back together. I need income, and that was my source, so what are you doing. The position I am in is 100% my fault. I am over-leveraged and was underfunded and not expecting the crash to happen this soon and so rapidly. I knew right off the bat I was underfunded but took the risk anyway. Stuff happens, and there's no control, so I would like to just keep on moving forward and stay in the fight. Again just looking to see what my fellow investors are doing or what I should be getting into while we still have a functioning economy.

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  • Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes
    6y

    Can you go back to your w-2 for the time being? I don't think this thing is going to sort itself out for quite some time. 

  • Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
    6y

    I'd recommend you find some kind of W2 job, even if it's only for a few months. Enough to put food on your table and pay some bills. When this subsides, you can probably resume your previous activities. Doesn't have to be anything fancy. Deliver pizza, stock shelves, work at a Home Depot (make some contacts while you're there), anything to bring in some bucks.

    Myself, our rental income (which we live on) is about 50% for April. Tomorrow we're headed out to do some tree work (our side gig). Might have to scrounge up some more of that in light of the tornadoes that went through here Sunday/Monday.

  • Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
    6y

    I would try to find a W2 to get you through the upcoming months of uncertainty.  

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