All Forum Posts by: Arron Paulino

 Hey Alan, thanks for the response! Yes, I am really getting value out of the input from the community and learning to cut my losses and move on. The numbers only looked good initially and really led to headaches in actuality.

It really was hard to step out of my tunnel vision when I was over the moon when I heard of the profit I could make rather than looking at my own market with my initial funds.

I agree that one or two solid investments outweigh many cruddy properties just to show that I have so many under my belt.

Quality over quantity is the motto going forward for sure.

 Not fun indeed!

Nice to hear you were able to find solutions to make the best of the situation. I didn't know you are able to tie your security cameras into the police system. Did it cost anything to get this setup?

How often would you have these house sitters come to the property? Would they be there while the property would wait to be rented out or until sold?

Quote from @Sebastian Bennett:

It's funny because I actually had a dream of setting these up and seeing how this would play out lol

 Hey Jordan! These properties are in the 38127 zip code east of Highway 51 sort of in the Alta Vista neighborhood. Please promote these to your buyers looking for properties. I appreciate you stepping in to do what you can!

Quote from @Jonathan Bock:

Probably a dealbreaker for a prospective buyer 

@Arron Paulino Has a local investor offered you a price to just exit ?

 Now that looks like some beefy security.

What do you mean by that?

I have had investors try to do seller financing but it was confusing in my case since I still had a mortgage on it and then he also wanted to do cash but drastically dropped the offer price so in the end we didn't come to an agreement. Another almost closed, but thieves stole my water heater not once but twice as well as the furnace to add to my dilemma. One of the properties has been in contract probably three times with long waits to close, and then when closing came, the buyers would either have an appraisal contingency fall through, not be familiar with the area, or didn't end up with enough funds to close the deal. It's really been a rollercoaster these past few months trying to sell the rest of my portfolio.

I am leaning toward this reply. I did have a buyer try to purchase my property but I would have to do seller financing and with my current mortgage on the home, it proved to be difficult, and would much rather do a cash sale to avoid more paperwork as well as still being connected to the property based on the terms set.

 These properties just haven't been cutting it and exploring new ventures. My income versus expenses are lob-sided with me breaking even or losing money monthly so it just isn't making sense to hold these. Thoughts on how you would improve the situation?

 Hey Jordan,

Cool to hear from someone from Memphis about my properties in Memphis! I've had a chat with my realtor and really going over a game plan on how to tackle these properties. We came up with if it made financial sense for me to just have these rented out, but in my case, it would require funds that I don't have, and do not feel comfortable taking out another rehab loan on top of the already existing mortgage to keep the property. Also, we are attempting to sell them as-is to a willing buyer. It has been about three months now. I don't think it has to do with being stuck on the market, but rather I was under contract with a couple of interested buyers, but they backed out for various reasons when it came time to close the property, which was a bummer for me feeling confident we could have closed. I'll give it another month and see where we stand. Maybe if they do not see any movement, you may have another client coming your way.

 I'm glad we're getting straight to the point. It's been a struggle.

I'm definitely not giving up on real estate investing and just need to clean house for a better result. Do you mind elaborating on the consolidation versus liquidation approach? I currently have the four properties in Memphis on the market and it's probably been about 3 months since they have been listed. Currently, I don't really have wiggle room in my budget to rehab these properties to hold better value on the market, have mortgages on 3/4 of them, and 1/4 is currently rented. Any advice?

Ditto on tapping out. Really just looking to take my L and do better on the next. Trying to get back to the level I was at when I first started my journey with a good chunk of savings and better reserves with the knowledge I have acquired to step into the right situations. For sure looking more for quality over quantity. This up-and-down journey takes a lot of grit.

 Hey Cory,

Thanks for the comfort! I have been using a property management company to manage these properties, but as many would agree, that you always have to still manage your manager. I would say the type of neighborhood it was in was questionable, although when I ran the numbers, it looked good at first. My property manager was diligent with picking the right tenant, which I appreciated, but that comes with really narrowing down a pool of applicants that would have been okay in the short term.

I am trying to decide what is best right now and getting them rented out would make sense, but my problem is the lack of funds I currently am facing to rehab them to get them back to rent-ready condition and the monthly mortgage really hindering my ability to save up for these rehab funds. That is why I am currently trying to sell them as-is.