All Forum Posts by: Joseph Mananquil

Thanks for your reply. Unfortunately the loan was interest only the first 10 years. Just now beginning to pay down the principal. Currently trying to get my loan restructured.

In 2007 I purchased a home for 220k with no money down and an interest only payments for 10 years.  Since then the home is now worth 210k and i am stuck with an interest rate of 6%...  Currently have a renter in there but am taking a $300 loss each month.  The renter has signed a lease for 2 years but is considering purchasing...  I hear lot of people on BP say,"they wish they never sold any of the homes they purchased."  In my situation would it be smart to keep it???  I am having a difficult time getting refinancing.  Not sure what to do?  Can anyone give me some options or advice on how can come out of this situation not feeling completely burned by real estate investing?

-Joseph

Have you looked in the Wilmington /San Pedro area? That area is undervalued, big developers are dumping a lot of money into developing the downtown and waterfront area. You can still find good deals near the coast.

Hi do you know the Orlando area at all??? I have a realtor in the area. I live in Los Angeles and I am looking to invest in central FL as well.

Thanks for the advice @Johnathan Alesso... All great points that will help when deciding what my next step will be.  Right now I am most interested learning of ways to come up with creative financing in order to get into more cash flow rentals. 

Hello,

Just stumbled upon this podcast when I did a search regarding real estate. I own a rental which was my primary residence for 6 years with a few partners in West LA. Just recently purchased a primary residence by way of HELOC in the South Bay. I have always been interested in real estate investment, but have always been scared of enduring the hard times with no consistent cash flow. I have decent 9 to 5 job but I live in Los Angeles so money runs out quickly. I am currently taking the steps necessary to get my Real Estate License and should be done in the next few months... I joined this forum to network, learn and congregate with like minded people. Thanks.