All Forum Posts by: Michael Mignogno

Thanks Eric! Just messaged you.

Hello fellow BP investors,
I am in the middle of a dilema right now and would really appreciate some insight.
I bought a triplex in March 2021 for 145k which was fully rented and for about 6 months we had no issues with Property manager. The PM was bought out by a bigger company and we started getting big work orders. We (my wife and I) thought it was ok, as at the time of buying we were expecting to put some money into the property, but didn't have the time to do so, as we were also in the middle of moving out of state. Long story short, we had all sort of "bad luck" since the new PM took over: a tenant stop paying  (apparently bc of poor management) and they couldn't get her evicted (process didn't even start until we finally change PMs in January 2022). 
The new PM had a higher management fee, but we had so many issues with the other one ( which also managed one of our units in Philadelphia) that we decided to give it a try. They were super helpful, did a walk through, suggested some improvements we could do in order to secure the triplex and finally evicted the tenant. Between old PM and now we have put into the house about 24k. After evicting the tenant the PM came up with another 9k list to fix the unit and be able to get it rented (2bed/1bath) which had been rented the prior year for $732. With another 9k list we decided selling the place would probably be a better idea. The Pm offer to help us list it but told us we wouldn't be able to get more than what we paid for ( even with all the work done to the place).  There weren't a lot of comps around and we decided to go with a higher price to at least break even. Well, house has been on the market since May, we keep dropping prices and all the PM says is it's a tough market right now and the best offer we had was 90k, which does not even cover the principal we have left on our mortgage. We were in between taking it off the market and just putting more money into it in order to rent all units again, but PM strongly advised against and said it's a bad rental market right now. 
We are quite upset and if we do take the offer that will be well over 50K in losses.
We only own this triplex in Harrisburg and bc investing out of the state, we are not sure if Harrisburg is "regressing" that much, if we just made a terrible investment, or what to think. Any ideas, suggestions and tips would be immensely appreciated!! TIA, Mike & Livia

 It is right on the border of Allison hill and Downtown.  First block once you cross the bridge.  I am pulling out of PA and investing in FL, so I am somewhat motivated.

 Thanks for the advice.  Any specific reasons for this?

 Thanks Chris,

The property is located in Harrisburg, PA.  It is a triplex.

Hi Everyone,

I have a Mulit-family that isn't producing and is in an area where I am trying to pull out of.  I have an offer to take over the mortgage plus a small cash offer.  My mortgage states that it is not Assumable.  Has any one ever experienced this and are there creative ways to circumnavigate this issue?

Thanks!

 Through AirBNB I believe

 Well in that case I wish you were managing this unit.  Funds would have been recouped, reno done and moving on

 Thanks Theresa, this is currently my exact strategy and what I have been told so its good to have it reinforced by a fellow investor

Hi All, I am constantly seeing discussion that either support or reject the idea that we are in an actually bubble and whether it will burst soon, has already burst, or wont burst at all.  Rather than argue about if there is a bubble or not, what are some tips from experienced investors for surviving a bubble.  Specifically, how can one who owns several investment Multi-family home and SFHs best be prepared in the event of a bubble burst.

TIA