Long story long - got into this about 5 months ago. Everyone said “just one at a time”. Bought a house in an ok 'hood for $15K. Then bought a huge block built 7bdrm for $50K - a price I thought I couldn’t afford to pass up.
First house: entirely gutted it - all the plaster off. All the chestnut trim (three pocket doors, 10 interior doors, a huge exterior door with beveled glass, 14 panels up stairway, about 20 spindles, 2 half columns) needs to be stripped (at about 1/3 done I’ve decided to remove the chanelled trim & take it to a “strip joint”). Two new bathrooms, new kitchen, new garage roof, new furnace & hwh, and putting in a huge bedroom in the attic. About $15k in repairs so far, with another $5k to go.
Second house, not even started, and $505/month in utilities!
On top of it all, the landlord at my office (also an attorney, who has about 130 units) is cash short and just borrowed $10k (for a week, right?)
Just needed to vent. I am confident I’ll make a pile of money from these two places, but I’m at the point when it seems like I’m in a little deeper than I thought I’d be.
Hope you all enjoy your holidays.