Paul from Knoxville, TN

[Paul D.]

Hey,

I was listening to some podcast and they encouraged me to introduce myself. I am Paul from Knoxville, TN. I am currently in management of a retail AT&T store and work around 50-60 hours a week... this week unfortunately I am working 6 days. I am currently doing online school to finish my MBA and me and my wife are in the process to adopt a child internationally. So I really don't have a lot of time, but I generally wake up around 5 or 6am and go to bed around midnight to make it all happen. I love life, no sob story here but I genuinely love what I do everyday I get antsy to wake up and critique my business plan, do classes and get ready for work because I want to make life happen. I am sure most on here are like that!

I love what I do but real-estate investing has been my first love. I grew up with great parents and my mom and I when I was in middle school bought into Carlton Sheets Real-estate Investment TV add. We would stay up late listening, we got our first deal and when my dad saw the money he was all in. Long story short my parents and I bought 9 rental properties before I went off to college. They bought their first property right before 9/11 happened so they have been holding properties for about 12 years. They bought with home equity cash then cashed out refinance right before the mortgage crisis happened. Now they are upside down on mortgages, have bad tenants, and I really want to help them out. They owe about 40k on properties worth probably 20-35k each. However, they have not lost hope, several have been behind in payment and somehow with a miracle they are caught up on mortgages. However, each property needs repairs from new roofs to new windows. So one thing I want to do on bigger pockets is to help my parents out with the investments they have. We loved doing it but we made mistakes along the way. I didn't realize they were cashing out so much at the time and can't control my parents letting lousy renters in just to make mortgage payments. When they are good they make about $2,200 a month in cash flow after mortgages and have to have that money to survive. So... sorry for the long story. Can someone really help me help them? Can we make a success story, can we make my parents proud about their investments again? I know we can! Also, they have all their equity in a house in FL that they built when appreciation was happing so quick they thought they would make a quick 20k then the recession happened and their 200k investment was worth 60k, now about 120k and going back up. They are renting that out too just to pay their interest on their HELOC.

Moreover, I have filed for my own LLC, which my parents didn't do and am starting my own business as real-estate investing. I have a offer on a house that is real-estate company owned that they bought in a portfolio. I am looking to renovate and flip or keep and hold.

Paul

However, I would love to help my parents out as I am starting my own venture. I want them to be proud of their properties and be able to retire in the next 5 years trouble free, also I want to get them back into the game!