Need strategic advice

[Jean Paul Rousseau]

In a previous forum « bad start in rental experience » I described the problems I encountered with the two properties I bought in Atlanta.

Today I have a new property manager that evicted the tenant in Riverdale; the cost of repairs will be around 2 k$. The house is proposed for rent but is not rented yet.

On the Stone mountain property the court decided an eviction of the tenant 1/15, but she is still there and I have no rent. I will have to pay a lot of charges : insurances, utilities, taxes and maybe some rehab. cost on this second house.

I am living in France and those houses were bought through a Georgia Corp. whose stockholders are my children. I lent money to the corp. to buy those houses and the corp. is supposed to reimburse me 5% of what I lended every year (to get my money back in 20 years if I am still alive...).The problem is that the corp. is of course unable to give me back money for now ; it’s not that much for me but it is for my children who carry that debt (declared to the french tax administration). Those house were bought for 80 k$ each.

Now I need some advice

I am able to inject 15 k$ now from my own money to keep things running and I may be able to get around 120 k$ in may for a new investment.

My strategy today is not to perform a new investment before I have new tenants in my two houses because I don’t want to add another problem. One may think, if a good opportunity arise in may, I should take it to reduce the burden, but I don’t presently favor this solution which seems to risky. Selling the two housing may also be an alternative if I can get my 80 k$ x 2 Back.

Has someone any suggestion ?

@Tom Yung  

@Joshua Dorkin 

@Cal C.  @Rick baggenstoss