All Forum Posts by: Dennis Nikolaev

@Wayne Brooks thank you

@Henry Clark interest rate got me because when I sold my old portfolio it was 3% . by the time I closed I could get only 9%. and now there are fewer buyers with this rate. 

yes, many new rentals suffer in the area.

 is it short sale agent or short sale attorney?

what do I do with the agent I have e now?

@Wayne Brooks 

to make it more difficult, I got my family of 6 move in with relatives in Virginia.

feel free to question my intelligence 

it looks like a hopless situation for me.

I had all of my life savings put in Yucca Vally short term rentals In  early 2022. got 4 nice villas at 20% equity. then 2 things happened: rates went up and demand for vacation rentals in that location went WAY down. 

I was loosing 20 to 15k per month. I sold 2 of the 4 properties at a significant loss. However, 2 remaining properties I can't sell, even bellow my equity in it. For example the number 4 property is a hilltop modern beauty. amazing views, premium neighborhood.  I paid $1'025'000 for it, then upgraded it. in summer of 2022 it was appraised for $1.15 million. 

now it is listed for $799k and there are no takers.

I am facing a foreclosure on both of the remaining properties. 

I'm still current on my payments but by now all the hope is lost.

all of my life savings are gone, and now I'm about to have collectors on my back for the rest of my life.

I need an advice how to navigate through giving up on the properties.

Dennis

I'm new to Virginia. busy day job.

please advice on a goon STVR property management company.

ideally it would cover more then just Richmond VA.

I'm in the same boat. an architect. just arrived to Richmond last month. looking for a group to meet up and chat about investments 

@Zachary Beach Thanks man, i feel a little better now

@Kevin Escobar I\m in California.

Thank you all for the feedback.  makes me feel slightly better - got to read the fine print. I just got to figure out how to find the money for mortgage

@Luke Carl I\m a bit scared at self managing as I live an ocean away from my rentals. Got a full time job too.

The sad story is that I just started, had way too many holding costs and expenses before we listed. Almost immediately we had a guest book the home for 3 month. Now I have  to pay 5k for the mortgage this month and the next and the next while the management company is sitting on 20k of my cash.

Please share, why the management companies hold it? for a possible refund?