I have a business degree and i am out there doing the blue collar thing...

I started buying some local real estate, some commercial, mostly single family homes.I guess I got greedy and finally topped it off last year with an ocean front property at a great price.I now own 5 properties, most heavily mortgaged.I have been trying to sell the ocean front for the past several months and not getting any bites, have dropped the price by $400, 000, still no takers at $1.500,000.I have about $100,000 left in the bank, my monthly nut for all the properties and my overall expenses is around $26,000.My current income from rentals is about $5,000.I am going through a relationship split from hell, with my ex coming after 50% of the net worth, which of course is only on paper values.She has no legal standing on this as we are not married, but I feel the judge will make an emotional decision.My question is, should I file for bankruptcy, let some of the properties foreclose on the chance that something might sell in time to bring in enough income and/or just pay my own house and expenses, which would give me about 10 months time.Should I look for another investor to come in and fix up the ocean front as a vacation rental?

So out of the blue he calls me today asking if I want to see the house and I told him that his maintenence fellow already let us walk through the home.

And within a half hour from the ocean?

Keep in mind I said starter so chances are these are the 24-33 age group blue collar workers.

Superior location helps.As far as any rental slowdown my college rentals are up in price, but I've lowered the price of a couple of blue-collar homes since those renters can get much lower rents outside of town.

BLUE CAT, VERY INTERESTING!!

For a tear down, what are the typical costs to demolish and rebuild a SFH (let's say 1500-2000 sqft) in a blue collar neighbhorhood?

Hi All,There has been alot of discussion on Facebook pages, message boards, and popular podcasts about the saturation of the market in the Blue Ridge area and warning investors to stay away. 

In a nutshell, if people are putting money into a deal passively with an expectation of a return and they are not part of the managing/decision making process, it is technically a security and falls under the jurisdiction of the SEC and state blue sky laws.