Here's what I'd do....sm

I'd kick the non-paying relatives out.  They're not paying hoping that you won't throw them out but they need to remember you have a mortgage to pay on the house and relatives or not - they have to pay up or be thrown out.  Simple as that.  The free ride stops now.  Need me to come tell them for you? 

As far as penny pinching goes, I've been there, done that.  About 15 years ago I was in a financial mess and would find myself often times with 50 cents in my pocket to last until  payday - and on payday I'd run the check to the bank to quickly beat the checks for bills I had mailed before they bounced.  I worked hard to get out of debt by working with  Consumer Credit Counseling and taking on a 2nd job - and got out of debt faster than they originally scheduled me.  I bought a modest home after saving for the down payment and only have the mortgage and car payments. I pay cash for everything else I buy, give money to the church and save a good bit each month. 

You and your husband should have asked the closing attorney ahead of time what the closing costs would have run.  This is obviously information that is too late for you now, but you should have not been buying a house that would take every dime you had.  Even if it had closed at under 2K for the closing costs, 2K isn't much money to have in the bank if you're paying the mortgage on that house while you're hoping to flip it quickly. 

I wish you luck with all of this.  Do please learn from your lessons.  Christians make mistakes such as people from other faiths and no faiths do.    Don't let people take advantage of you just because you're Christians, i.e. the relatives.  

• Okay. Where do I begin? I need some advice! My husband is in real estate. sm - New To Penny Pinching
  • Do what you have to do to evict those renters! - hls
  • Price that house to SELL and NOW! - max
    • Thanks, max. We got an offer and it is now under contract......nm - OP
  • How about this? - Lynn
  • Here's what I'd do....sm - Southern belle
  • Day Labor/ Temp Agencies/pizza delivery - frugal mom
  • broke huh? - Rebecca
    • I guess I should have been a little more specific in my post. sm - OP
      • Has it occurred to you that these... - Boo
        • I have been in your shoes - Do you have a local food pantry?
      • You really do not need to justify or explain yourself! You need help right now - that's all! - Wisdom
      • so, with 5 income properties, how did you come to have only 4000 for a cushion? What happends to y - curious
        • No, really, we did not know. It was a very quick closing. nm - OP
        • what happens to your unfortunate sm - curious
          • We won't sell it from under them. Never. If they want to do a owner finance kind of thing, they w - OP
      • you sound arrogant to me. "unfortunate family members?" - sm
        • Excuse me? Arrogant for buying a house for a family member that was sm - OP
      • Don't understand - pj
      • Well, it sounds like your unfortunate family members need to help YOU out for a change. - sm
  • #1 - Eviction Notices need to be - put on their doors
    • I agree with above poster. - Passing through
      • Thanks for your kind words. I appreciate it. nm - OP
  • Credit cards come in handy during emergencies - My thoughts
  • houses/tenants - sienna
    • In IL..it can up to a year. - sigh
    • I agree about Carlton Sheets.... - SM
  • Are You Serious? Tips inside. - Amanda
    • I disagree with you - Carrianne
    • Amanda, you sound like you - good for you
  • Some people live like this for years..... - Anon
  • Unfortunately, real estate investing at that level - sm
  • living paycheck to paycheck - Gina
  • just can't dredge up sympathy either - sm
    • I remember having to look under the couch cushions and car mats for change..... - ditto
      • i remember having to roll pennies - penny pincher me
  • Don't know where you are located, but (m) - btdt
    • Ok, I have a problem with this. This lady is not DESTITUTE, - sm
      • Well, the problem belongs to you (m) - x
        • Right. And because this overstuffed 5-house owner driving her - sm
          • That is not how Angel Food Ministries works (m) - x
          • Again, jealous heads rearing its ugly head. When I said ice cream, sm - OP
            • I truly don't think anyone is jealous of your situation - sm
            • Ok, this is getting out of hand & it's going to stop now. - Administrator (sm)
        • Perhaps, but it's my opinion that someone with 5 houses & an SUV could - sm
          • Well, I actually agree with you (m) - x
  • Been there - could not even afford a loaf of bread once sm - Poor
    • Garage sales, consignment stores, coupons - I remember when
  • What I've done before - ...
    • rice, bakery outlets, loss leader at the grocery stores, - frugal mom
      • Hillbilly site even tells you how to make your own sanitary pads! (sm) - Not OP, but thanks!
        • Use less salt than directed in the recipes. Try the powdered milk hot chocolate recipes! Yummy :-) - frugal mom
      • Great websites (sm) - Not OP, but thanks!
      • Those are great ideas, but I think the food banks - sm
        • Yard sale! If you have anything in your house you can part with - sm
          • Sell the furniture if you have to - Replace it later
            • Sell items fast on www.craigslist.org - .
    • Tuna mac, green beans, bread slices. Very cheap and good. - sm
      • Okay, these sound weird, but inexpensive and delicious!!! - sm
    • It's time to bring down the hammer on your tenants. Tell them - sm
      • Yes, hound the renters every 5 days and at least get 1/2 of their rent - sm
        • Have your hubby go bang on their door or wait until the end of the work - sm

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