Sophmore Blues - Advice - Posted by Thomas
Posted by Thomas on May 02, 2006 at 22:04:32:
SO i’ve been actively investing for 6 months now, and haven’t made a dime in cash, made about 50k in equity. But I’m frustrated
I formed a company with my best friend/ business partner, and our first buy fix and flip was supposed to close in Jan, still hasnt closed, and our profit shrunk from projected 25k to about 7 and a half.
Our second project we assumed the loan as the seller was going into foreclosure, and then got surprised by about 20k more in repairs than we thought, PLUS the loan has a prepayment penalty, so we need to sit on it for at least a year, that property went from 45 in profit now to about 25 ( a year from now) I figure we’ll sell that using seller financing wiht a baloon due a year from now
We have another preconstruction deal that we took out money against our house, and put it as a downpayment for a luxury condo , that was supposed to be finished in feb, now its may and the end doesnt seem anywhere near.
And ironcially my partner and i just got into a basically nothing down deal for a 3 unit condo complex that the seller was in some hot water in, we were able to get the buidling with about 80k of equity in it, in a rapidly redeveloping area of town - ( and the seller held the notes on one of the units with no payments for a year!)
but nontheless, i feel like i’ve hit the wallI’m just tired, I’m broke ( i got 200 bucks in my account)and just really looking for soem “get back on track” advice.
With all of this stuff hanging up in the air, i’ve actually become overcome with paralysis and havent been working at finding any new deals, i’ve found myself kind of nervous about everything else going on.
I’m pretty sure i know the answer, but any helpful advice to get my ship rockin and rollin again, anyone whos been there before.