Great discussion.

Do feel free to connect with me for more discussions.

Hi gang, I’m 46 and started building my RE portfolio about a year ago.

This RE game is mostly about gut feels anyway.

It's a great way to increase your net worth and these loans can also be used to pull cash out of a property as it appreciates allowing you to reinvest money into new deals.Happy to connect to discuss further. 

@Kyle Stockford - I know a lot of college students get their RE license and get started in the business doing rentals in the city.  

If you have few minutes would love to discuss the details of the deal. 

Send me a PM and I can connect you with someone that would be happy to discuss your deal!

A buddy and I built software that helps RE pros find and close more off-market properties through real-time, custom intent signals like probates, pre-foreclosures, code violations, and eviction notices.

I've been in REI a long time and have seen the good, the bad, and the ugly, but $60k of damage from one tenant indicates gross negligence on the part of the property manager.I'd suggest three things: 1) Study the contract you have with the PM company, and talk with your attorney ASAP to see whether a lawsuit is feasible/advisable, 2) Get at least three bids from other contractors on the repairs (and before you hire any contractors, study up thoroughly on how to properly vet and manage contractors--there's plenty of info about this on BP) 3) Don't do any more business with the PM company (or any contractors they refer), and keep them at arm's length while you discuss your legal options with your attorney.