All Forum Posts by: N/A N/A

Had money to invest and just dove right in. Not the best stategy. Its sometimes a good thing to be underfunded. It did force me to get the lesson up front so now I won't be so quick to throw caution to the wind :lol:!

Bottom line: If you use a cut rate agent, you'll get cut rate service and less advertising in this buyer's market. The cut rate agents make it up in volume.

Minna, your agent is most likely counting on your volume but once she's busy and/or takes on more buyers, you won't be a priority.

Also, if she has multiple listings, yours may be placed in an obscure place on her website/page.

Another risk is you can be adviced to list your property below where you should :protest: so as to guarantee a quick sale with as little effort & advertising as possible.

I'm a noob with a negative cash flow on 3 properties :goofy: . I've made a typical mistake but the properties are new in excellent areas.

Thank you for all of your input.

An update:
One property I am now evicting a dead beat tenant out of!!!

He has no incoming coming in on his commission job in which he was previously making plenty of money.

What was his job? Writing mortgages!!

Now I am not even getting his $1,600

My ad:

Lease to own
10K down $3,100/mo
bad credit ok
4BR 2 BA
city, phone

This ad solved my problem I had only a few weeks ago of 3 homes I own that are now worth less than what I bought them for.

I love this sight!!

I am so in agreement that you must jump in. There is always a solution if you get in over your head as long as you search and communicate with those in the know like those who are on this sight!

The market is getting crazy now so I find some of the HMLs in my area are asking for 50% below market value so as to guarantee their money unless you put up your own house (that you live) in as collateral.

Your own credit doesn't matter as much though or at all depending on the deal. You also pay nothing up front.

Ryan & All Cash, I've thought and thought and one local fellow investor suggested I rent by the room :idea: to weather the storm.

Any thoughts on running a rooming house?

If I sell, I would price below the market to sell immediately. I am not behind in payments so how do banks handle folks who sell but don't clear the outstanding loan?

All Cash, I'm now smiling because in my short time here, I've heard many of the successful REIs scream at newbies to take action! I guess I was trying to be one of those who didn't wait 100 years wishing I'd done somthing sooner :boring: . I admit; I rushed it too fast :superman: .

Ryan, I am reluctant to throw in the towel too fast though as I have met quite a few who say there are many properties they wish they'd never sold.

Anyone ever been in my situation who DIDN't sell & end up bankrupt?

Is there a way I can forestall the situation for about 6 months until another situation I'm waiting on comes through?

Now its a year later & I have DEppreciation on 2 of them & negative cash flow on ALL of them although all 3 are rented!

I made the typical newbie mistakes of thinking prices would continue to rise & not checking what rents were 4 the area :crying: .
I bought what appeared 2 B distressed situations (a divorce, an illness & a job loss) so they all were under the market @ the time.
Put no money down but now am out of money for supplementation (about 54k).

All are newer properties (2001+) in a great neighborhood & not fixers. Monthly runs 3K each. Rents are $1,500, $1550 & $1,600.

Any solutions? Should I bail, ruin my credit etc. Should I get a job to continue to finance these monsters?

All help would be appreciated. Please let me know there is a way out. As a newbie of course, there was no exit strategy.

Please excuse the whining:violin:

Thank you