All Forum Posts by: Solomon Mamo

Dear all,

Thanks for all your comments. The Place really needs more than cosmetics. Major work on one the bathroom, big mold issue etc.  So i am planning to sell it as-is. My only issue is where to get the cash. It that possible to get a line of credit or what are my other options here during the settlement?

Again your suggestion is high required here for me. Thanks

Solomon

Hello Dear BPers,

I am here again with questions. The rental property i have for the past 8 years was a disaster. First, all these years it was on a negative cash flow-meaning i was paying round $120 toward the mortgage. That was the only option i have (i am not a real estate investor and don't have any knowledge what to do). To make thing worst, few weeks ago the management company (new manager doing her inspection) found out that the place is in a  very bad shape. As i mentioned few days ago in one of the forums, i was told it takes round $32k to fix the issue (based on one contractor's assessment). I bought the townhouse in 2006 for $189,900, and i own the bank $164,000. I bought the place thinking i will live in it for long, but i found out a job and moved to another location (reason why i am in this problem in the first place).

I really need bigger pocket's advice on this. What is my good option-1) Fix up and sell or 2) sell it "as_is"? in both scenarios i will lose money and i still have to find to do that.

Note: the location of the place is in Williamsburg, Virginia (Hampton Roads)

Any advice please

Thanks

Solomon

If anyone wants to give more advise:

The address of the property is:

2 Priorslee Lane.

Williamsburg, VA 23185

You can do all you analysis. I am not into real estate, that is one of my problem why i am here.

Note: The property is in front of a bus stop. I don't mind selling this property instead of going through all these issues.

Again for those who responded to my message, thank you.

This websites have lots of information.

thank you both for your comments. 

Hello Dear BiggerPockets,

I have a rental property in Williamsburg, VA. The reason why i have this property is because i moved to another city for work and was not a good idea to sell at the time. I never made any money (cash flow) from this property for the past 8 years except spending money for different expenses and repairs (due to a bad renter and age of the townhouse). I also pay round $100 for the mortgage difference. Now i was told by the property manager that there is a big issue with the townhouse (molding and water leak) which i have to spend $32,000 to fix it. Allstate dropped my insurance a year ago due to another high price fix and my current insurance does not cover most of this. I don't have that much money and was wondering what to do.

Any suggestion?

Thanks

Solomon

This is an interesting discussion. I was hoping this is the kind of business which will free me from my day job . I am a full time health physicist and looking to work for myself (to be free from working for someone). But from this discussion, i learned that it is not a good idea to even think about this business without big money. Better to look for another business ideas or opportunities. I was very surprised why all these real estate gurus are talking about all no-money, creative investing, flipping etc .....programs all over social media and other platforms? is that ethical?

Thanks anyway for sharing your knowledge!

Solomon

Hello Dev,

Thanks for the advice. This group is awesome!

Hello Joseph,

Yes i used my credit card. That will be my last resort even though i never done this before. I was trying to be more professional and nice to them, but i don't think it works that way.

Thanks for your comments and suggestions

Solomon

Hello Barry,

Thanks for your message and reply to my post.

Appreciated!

Hello Fellow Biggerpocketers,

       My name is Solomon. I am a full time Physicist by profession trying to work for myself instead of working for someone. I have been looking to work from home for the past two years. During this time, I have done free prescription discount card programs, internet marketing, amazon/eBay, MLMs etc. In the meantime, I have learned many things about marketing and businesses. Except the Free Prescription and Amazon/eBay, the rest are full of scams. Dont get me wrong, there are some legit businesses out there. 

      Few months ago i came across an ad on Facebook about flipping houses and attended a two hours seminar (sell pitch) and signed up for one of their three days course (for $2000) and also for another tax lien program($900).  To my surprise, what they told me at the 2 hour  seminar is not true. They keep calling me to put me in a $20k mentoring program, which was not mentioned at the seminar. As of today, there is no a scheduled three days course in my area (Washington, DC area). I paid the $2000 in early April and tried my best to get back that money. Whenever i call their office (somewhere in Utah) they keep trying to sell the $20k mentoring program instead of refunding $2000. First of all i don't have some much money for that kind of program, and second i am not interested. How do you deal with these kind of scammers? Is the real estate business also the same as the internet marketing business, which is full of scammers trying to get your money?

What is the right way to get to a real estate business? any legit mentor or a good legit program out there?

Thanks!

Solomon M