All Forum Posts by: Greg R.

Both of the properties have been handled by a good friend for over 5 years.  Thank you Mike, for your input.  You being from New York, your opinion carries some serious weight.  Yes, It would be modest indeed.  

Lot's of Success to you and your family!

You have a chance to cash-out everything you own with the exception of a two houses free and clear (with a net rental income of $2,000/month @ 90% occupancy - taxes/ins. - 10% expenses) in addition you can get just over 1 million after taxes cash and NOTHING more.

Let's just assume that you want to just travel the world and maybe create a new travel related business while you are doing it.  

How many of you would cash in your chips?  Why or why not?  Please state your age, marital status, # of children and their ages.

This is a life decision and I greatly value everyone input.

Thank you!!!

Hello John,

Sorry I never got back to you.  My current situation is as follow.  My rental property in Texas is doing OK.  I need to get a better manager, maybe a profetional this time.  My networth is about at 2.5m and on July 5, 2013 I decided to go take a motorcycle ride down to South America for the sake of my sanity since I was still in trouble.  That was over two years ago and I am still on my "trip".  Now I am thinking of selling the complex next year but keeping my two houses in California which are almost paid off and rented.  I am 52 now and would net just over 1m after taxes.  Maybe buy a 40" sail boat and make a business out of it doing tours through the Carribeans.  Is that something too premature for most people to do considering I am 52 y/o, too young to retire?

Must confess, have been threatened, tires slashed and even physically attacked by people (tenants)I was evicting. (The physical attack ended as a pretty funny story actually.) I have learned how to avoid a repeat of the physical attacks. Mostly by standing my ground and acting calm at all situations (even when you feel you might of had a small bowel when you face one of these caracters.) Threats are actually a relief since 99% of the people who make physical threats are too cowards for any physical confrontation. I manage/own an 80 unit complex and found that nothing works like surveilance camaras with the monitor visible to anyone walking into the office. Of course this would be after you have properly screened the tenants and always enforce the rules. I have a "Qualifying Criteria" sheet that I show the prospective tenants before I show an apt. (Income qualification, background guidelines, rental and job history) I tell them that if they do no fall under that criteria it would be a waste of time to show them and a waste of money to apply. If they are a criminal, not enough income or bad rental history they just walk away.

If you have a 79 units complex at 70% occupancy would you use the actual, proforma (95%) or 100% occupancy in this 50%/2% formula?

Thanks for any clearification.

Greg

My unsecured debt is only about $100,000.00 the secured debt is $2,231,000.00. One property is the bulk of it ($1,850.00) and the one that is keeping me "alive". At about 65% occ, but it is really tough when I have to make repairs on vacant units from that 65%. It's only worth about what I owe so that selling is not going to help anything. Just need to see if the stars and planets get properly aligned so that I can get out of this mess! You don't need to be a guru to figure out that I will be in good shape if I just stay sane while acting as the manager (dealing with the tenets is not fun) and counting the pennies for the "make-readys" Thank you for taking the time and posting your thoughts. I gratefully appreciate it. :roll:

Is it possible to file for BK 7 and still keep any rental properties if that is your only source of income? Won't qualify for chapter 13 due to excessive debt and chapter 11 is too expensive. :roll: