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STUCK IN THE MUD

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bart69
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Joined:	Sat Apr 15th, 2006
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Posted: Sun Apr 16th, 2006 12:10 am

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I have the exact same problem. I'll try calling keith too. But did you find any thing else out? thanks. bart

LAK
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Joined:	Thu Mar 9th, 2006
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Posted: Thu Mar 9th, 2006 08:53 pm

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Could you flip the house to another investor? Sounds like you might have overextended yourself a bit. Best bet might be to sell one house to another investor so you can get the funds needed to finish the other one.

Also - are you in negative cash flow on these others? You said you wouldn't see a dime until they were paid for.

Last edited on Thu Mar 9th, 2006 08:54 pm by LAK

daddyof6
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Posted: Sat Mar 4th, 2006 04:04 am

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Give me a call on Monday. I may be able to help.

Keith

407.578.8135

audumo
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Joined:	Tue Feb 28th, 2006
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Posted: Tue Feb 28th, 2006 11:22 pm

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My husband and I started buying investment property and were doing very well. We would purchase a home, put a little work into them, rent them out, mortgage them, take that money and buy the next one. Last year we did 4 houses. Boy we thought we were on a roll. Our bank was rolling out the red carpet, we thought we had a good thing going until this month.

Currently we have 2 houses under construction. My husband does all the work, so the only costs are just materials. We have already looked into flipping one house, and perhaps have a buyer. The other home will be rental property. They are both 3/4 done. Then funds started to run short. :shock:

So I ran to the bank and explained the problem to them. They turned me down, then on top of that told me we were over-extended. That our debt ratio was now too high and that our credit rating had dropped due to all the transactions. (I don't think its bad just not as great as it was)

I was in shock, these same people that 4 months ago were cheering were now snubbing their noses at us.

Of course our debt ratio shot up. Most of our rent goes to our payments sometimes 75%. THe rest goes to insurance and taxes. We knew that this would not be a get rich scheme, we knew we would never see a dime until these homes had paid for themselves.

What did we do wrong? what can we do to fix this.....Please help if you have suggestions. Not only can we not grow for 4-5 years I now have 2 properties that are useless to me and not bringing in $$$$, we could lose everything!

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