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All Forum Posts by: Hilary Noon

Hilary Noon has started 2 posts and replied 4 times.

Hi everyone -

We just completed our first flip and are looking for a short term, liquid investment option to park our money while we search for our next deal.  Any suggestions for something that would yield more than a typical savings account?  

Thanks in advance!

Hilary

@Andrew Postell - you give me hope! 

We actually secured a tenant yesterday (yay!) for the back unit so I'm feeling relieved for the short term. Your comments do give me pause and make me question how we are pricing our property.  I will mention that the front unit is only a one bedroom cottage - it is a large one bedroom with a ton of character and some desirable features so while I do think we can get more for it, I'm not sure we could cover our costs with that unit alone.  

I appreciate the recommendation as well - we will definitely reach out to Kyle.  We are using a property manager and I would characterize them as 'ok'. 

Thanks again (to everyone who responded) for your help!

Thanks so much for the responses thus far.  I certainly had considered 1031-ing it but don't think we will get back what we put in at this point so I'd like to hold off on that decision until we've considered others.  

@Patricia Steiner - I am intrigued by the idea of re-imagining the unit as a live/work artists studio.  I'll mention that to our Property Manager.  Thank you. 

@Andrew Postell

1. Property is worth about $330k

2. The front unit rents for $1400

3. Thus far we've targeted long term renters but if we continue to struggle with the back unit, we have considered short term, especially because we are in close proximity to the new arena. 

4. Total mortgage payment is $1860.  Insurance ended up being much higher than we anticipated when we bought the property because the two units are not joined under the same roof.

Open to your suggestions - thanks!

Hi everyone -

My husband and I own a multi-family property in the vibrant cultural district in Ft Worth, Tx.  It consists of a front unit which is an upgraded 1930s bungalow.  The back unit is a converted garage with a loft.  The conversion was poorly done and we have put quite a bit of money into it to make it more attractive to renters.  Whenever we have to turn the back unit over, it takes a long time to secure a tenant.  We get lots of activity due to the great location, reasonable price and updated interior but the loft ceilings and other quirky factors make it less appealing.  At this point we feel like we have done everything we can do to the property without re-doing the structure. Prices in the area are plateauing and so I don't think selling is a good idea right now. Recently we've started thinking about consulting with contractors about scrapping the current structures and re-building a four unit place on the land instead.  

I'd be interested in the opinions of others in this forum with experience handling a lemon in their portfolio.  Are there other ideas we should explore?

Thanks, Hilary