BAD NEWS!

So, we found out the bank messed up on our contract and we are now not able to get the triplex we are under contract for. This is really bad news. I was very excited to be moving forward with real estate investing! I am upset with the bank for messing up and upset with myself for getting my hopes up. But…

This may…have been a good thing after all. With the current situation in the US with coronavirus running rampant, I’m not feeling real estate. I love real estate and at some point it might be a GREAT time to buy, but I feel like that might not be now. I am seeing a lot of people not paying rent-that’s a whole other topic I may or may not go into later- and also I know prices are going to drop. That, and with everyone being laid off, etc. I was worried about filling vacant apartments as well.

Since we had saved so much for the down payment and closing costs, I have enough in my account to pay off all of my debts. Right now I’m toying with buying a single family in town that is cheap and in the best neighborhood, and slow flipping it. This would provide a bigger home for the family which we desperately need and also this home has great potential. After it is fixed up we could sell…or stay there and use a line of credit to buy another rental. We also have the option to continue saving and buy another rental with a mortgage.

We will see what the future holds but I think in this case I’m going to go with everything happens for a reason.