All Forum Posts by: Karen O.

Did you spend $ on these properties that can be traced and verified? For down payments and or significant repairs perhaps? Could strengthen your position if you sue her for custody of the portfolio or even just one property.

Other than that, I am curious as to why anyone would work so hard to build a portfolio of almost 20 properties and not formalize their stake long before getting to this point.

I'm not asking you to share more intimate details, but this sounds like it could be a classic example of what NOT to do that could be really helpful to the community.

Best of luck.

0 Votes

You sound like you need to continue to educate yourself.

Like David said, there's nothing preventing you from working once you move back to FL. And it sounds like you need to save up the down payment. But remember that to buy a house you'll also need savings for closing costs and insurance and possibly repairs unless you plan to buy turnkey. Even then, there will be moving costs and costs to get utilities turned on.

So, in the interim, keep learning. Keep reading. Go to REIAs to network and learn a few things. In time, you'll learn a lot so you'll be less nervous/more ready when the time comes.

2 Votes

Either is fine as long as the unit is a quality unit overall.

Side is more common and provides more flat surface for tenant's bath stuff.

Top is easier to keep clean/disinfect. Also neat is the half flush/full flush options.

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If you don't have a broker, this might be the time to find one since they may be able to shop your policy to various companies.

I know Lloyd's of London has issued vacant property insurance. Though the cost is probably 2-3 times as high as rental property insurance.

Thus, it pays to do flip or b/h rehab as quickly as possible..

0 Votes

Mold remediation and the place still smelled so bad had to use hi octane Kilz for everything including the subfloor.

2 Votes

Originally posted by @Lance Tokuda:

Hello, this is an update on Realty Shares in case you were curious about the service. They just announced that they are shutting down new deals and using remaining funds to service existing investments.

I invested in approximately 15 deals with Realty Shares over the past 3 years. The highest return is over 30% and many deals exited at over 10% annualized. One deal was fraudulent (loss of capital) and made national news: https://www.nbcnews.com/politics/justice-departmen... 3+ other deals are in jeopardy and risk loss of capital. At this point, I would guess a 7% return overall when everything is done.

Realty Mogul claims to be solvent and my contact there said that they were more conservative on deals leading to a lower default rate. Some deals that appeared on Realty Shares were passed up by Realty Mogul. Check you Realty Mogul if you are looking for crowdfunding deals with at 15%+ return potential. You must be an accredited investor.

I have also invested in the Fundrise growth fund but won't know the actual returns until they exit (5-year holding period).

Kinda figured it when this was announced a few months ago. I suspect crowd funded REI of all stripes will take a hit.

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Originally posted by @Sam Hopkins:

@Laura Williams you’re paying $20k a year for $163k a year. That seems good to me. Where else does someone hand you $163k and you hand them $20k?

Can't think of it that way, @Sam Hopkins. Remember, the 20k is after the 163k rental income has been exhausted to pay for these properties.

1 Vote

All Forum Posts by: Karen O.

Karen O. has started 15 posts and replied 603 times.

Post: Looking for good property managers and contractors in Manhattan

Post: Advice: Carpet vs. Hardwoods in bedrooms for rental properties?

Post: Tenant Does not want to allow me to do mold repairs , advice?

Post: Pushed out of RE partnership, looking for ideas financing 1 SFR

Post: Fear holding me back from start investing

Post: TOILETS - Side flush or Top flush?

Post: Vacanc /Renovation Inusrance

Post: What was your biggest unexpected cost in a flip?

Post: Realty Shares - shutting down

Post: I lose $20k/year - help me w/ my strategy!