Brand New To BP!!
My name is Michael Swan and have been reading info and listening to the Podcasts for a while now. I just recently became a basic member here. I have 10 condo rental properties in a suburb of sunny San Diego. I have acquired these properties in the last three years. I really enjoy being a landlord and I manage all the properties by myself. I also am a full time teacher and a part time adjunct professor at Miramar College. The appreciation that happened in the last few years is remarkable. I now have way too much equity in these properties. I'm a little worried that this equity will be a mirage. I have seen this before in San Diego. I have lived in San Diego since the 1970's. Apartment cap rates are way too low and cash flowing Condo business model I started with isn't appealing any longer. We have approximately $60,000 cash flow right now. We invested approximately $600,000.00. The outstanding loans are approximately $700,000.00. The properties are worth approximately $2,000,000-2,200,000. I am researching areas of the country that have excellent rent to value ratios. BP has already been extremely valuable in narrowing my search based on past podcasts. I look forward to contributing on the forums. If anyone wants to pick my brain, feel free to connect with me on BP. My nick name is Swanny.
Take care,
Swanny