First, don’t panic. I’ve been in the same situation before, and just when the light at the end of the tunnel goes out, you just realize you’re looking at the wrong end of the tunnel. The couple of times I’ve been where you are, things always worked out much better than before.
Remember, every day you’re above ground breathing is a good day. Enjoy it.
As far as the property that’s free & clear, do the numbers. Will it be worth the effort and expense to fix and flip, or would you be better off selling it as is. Only the numbers will tell you this, not your emotions.
Forget the Vallium, it’ll just make the world seem a darker place than it really is. However, a cold brew never hurt anyone.
I just lost my job today. I was bringing home $1,000.00 a week and was putting most of it into investing in real estate. I now have 15 houses (mortgages) and no job. I’m not sure if I should feel happy because now I can focus all of my time on real estate and maybe make more than I ever have or if I should be worried that the money will run out. (not far from that point now) I have one house free and clear that needs fix up and I was thinking about fixing that and selling it or I may just sell it as is and invest the money in another house in a better location so I can flip it for a profit. I need support, I need money, I need a Valium…
Posted by Mark (SDCA) on April 18, 2000 at 17:59:06:
Hold on… What is your cash flow off the 15 houses?? Please tell you bought them to throw off positives…
I am just throwing out some numbers here based on my market so bear with me…
If the 14 that have mortgages are bringing in 100 a month positive that is 1400. Add in what the free and clear would bring, maybe 700?? You are looking at 2100 a month spendable cash. Not a fortune I will grant you. But pretty decent for a guy who isn’t working… That at least should let you hang on till you make a rational decision about whether to go REI full time or get another job. I have been in exactly that situation twice in the last 4 years. And that is exactly what I did. And it all came up good. I let my RE carry me till I found the job I wanted…