I owed 100k on a property in a variable rate mortgage needing 20-25k of work for 126k. It probably was worth a few thousand above that fully fixed. I didn't have but a few thousand in cash reserves and could have gotten some tenants off Craigslist or something but even with both my jobs I'd be breaking even most months. It would take me 3-6 years of saving to finish fixing it. Instead I chose to go liquid and rent for a while. I'm in my early 30s, so have I priced myself out forever or is there hope?I have a part time remote sales job where it takes months to get paid so I'm waiting on my first payout, but the timeline could be far enough out that a few months of vacancies would have wiped me out and I'd be using all my investments to do this, plus start using my emergency home sale fund to hold it if some vacancies happened or tenants stopped paying. There was no kitchen sink and a bunch of other cosmetic stuff going on.What would you have done in my situation, anons?
My proposed solution was to rent out the 100 square foot bedroom with the unfinished floors for 450 a month, and divide the unused portion of the living room into two 50 square foot living areas but the only responses I got were from sketchy people for the most part. I think my best case scenario was a couple of SSI retirees, one of which would want the full living room space most likely, and this would be the same profit as cutting costs to rent when you factor in utilities.
I think you made the right call1031 exchange the 26k into a new property asap
>>62151300If I get another property later this year, it will be one about half the size and cost. That way I can always afford living alone, and if finances get better I can rent the whole thing out and fuck off somewhere better or buy something else and just keep accumulating properties.
>>62151095Are you the same idiot that has been posting about selling his condo for a year now?
>>62151606This place has 10 active users at most, so 99% sure it is.
>>62151095OOOOOOOOeeeeeeeaaaaaaOOOOOOeeeeeeeeaaaaaOOOOOOOO
>>62151095Exactly the same
