All Forum Posts by: John K.

Thanks so much Jack, Happy to be part of the community!

Thanks so much for all the great ideas, I will certainly look into all of them!  Actually one question, for investment clubs.. can I find them on this site? or do you mean just through sites like Meetup and similar?

And thanks for the offer to PM you, I may take you up on that and bug you at some point.

Cheers,

John

Hello Everyone,

I own one property (See other post) so obviously I am a newbie investor.  I bought that one when I was young, excited and optimistic.  And now that the Real estate itch has hit me again I am dusting off and jumping in... again.  My first order of business is to see what can be done about my current purchase which is out of state.. but I would also like to do some new deals in the area I now live in.  I am newbie enough that I dont really know what I want to do exactly.  Flipping sounds neat, but if I find a place thats worth holding and renting I am game for that too.  The good news is that I am old enough to know that I have to go with the flow and just see what comes up.  The OTHER good news is that my wife is a commercial property manager...   so I am hoping that opens some doors. However as mentioned she works in commercial buildings with a MUCH higher price range so I am unsure how much she will be able to help.  

At the moment I am most interested in just researching financing to see what we can get.. before I get all excited about buying.

Anyhow, glad to be a part of the community!

Hello Everyone,

Sorry if this is the wrong place to post this! Also, if you wanna skip the purchase story just move on down to "The Point"!

I own a property in Klamath falls that I bought 10 or so years ago for about $120k.  It was a "Fun Purchase", which is my way of saying I didnt do as much research as I should have and now I am stuck with it. But I was young, excited and just knew it would all work out!

Also, when I bought it I lived in San Francisco.. so it was a 5 hour drive which at that age was doable.  Now I am in my 40's and live down in Southern California... so I havent seen the place (aside from photos) in over 10 years.

Anyhow, my tenant moved out and so we tried to sell. We listed it for $95k and just got a lot of offers in the $70k range so we passed. After about 2 months our Realtor called and said "Either squatters moved in, or your property manager found a new Tenant". Well luckily it was the latter, however we just KNOW that they are HUD.. and quite honestly I am SHOCKED that someone decided to move in because the last tenant didnt leave the place very desirable, which scares me because I now think this new tenant may be worse.

THE POINT!

So to get to the point, I am unsure what to do.  If you are so inclined you can look up the place, its located at 1619 Lakeview Ave.   I may be wrong but it seems that if I fix it up a bit it may be worth $130k or so just due to surrounding properties of the same type.  Or I am wondering if I should just do nothing, and let this new tenant stay and just ride it out for a bit.  The property manager seems to be pretty good at getting people in there.. and with the rent I basically break even so I got that going for me. I would be interested in fixing it up, but at such a distance I am not super confident in finding a reliable contractor.. since we tried a few times and that never seems to pan out.  Even my Realtor recommended a guy but he would take FOREVER to get back to us.

I was just hoping some experienced investors could chime in and let me know what they would do.  I am not looking for a mentor or expecting a step by step instruction manual, just looking for a few ideas to point me in a direction.

Thanks in advance for any responses!