Brand New To BP!!

[Michael Swan]

My name is Michael Swan and have been reading info and listening to the Podcasts for a while now. I just recently became a basic member here.  I have 10 condo rental properties in a suburb of sunny San Diego.  I have acquired these properties in the last three years.  I really enjoy being a landlord and I manage all the properties by myself.  I also am a full time teacher and a part time adjunct professor at Miramar College.  The appreciation that happened in the last few years is remarkable.  I now have way too much equity in these properties.  I'm a little worried that this equity will be a mirage.  I have seen this before in San Diego.  I have lived in San Diego since the 1970's.  Apartment cap rates are way too low and cash flowing Condo business model I started with isn't appealing any longer.  We have approximately $60,000 cash flow right now.  We invested approximately $600,000.00.  The outstanding loans are approximately $700,000.00.  The properties are worth approximately $2,000,000-2,200,000.  I am researching areas of the country that have excellent rent to value ratios.  BP has already been extremely valuable in narrowing my search based on past podcasts.  I look forward to contributing on the forums.  If anyone wants to pick my brain, feel free to connect with me on BP.  My nick name is Swanny.

Take care,

Swanny