All Forum Posts by: Diane G.

I hear "sink hole" too

@Account Closed

Wow, sorry to hear your story.. I can imagine the stress...

At this point, because there are already too many hands in this - hard money, you, your brother, friends -it is unlikely to get any new money at this point..

Take a firesale, take a learning, but dont give up....RE is the right path, but you need to learn to be more conservative...

My first property that I bought, I am just breaking even today 15 years later... So, your experience is not unique....

@Jameson Sullivan

correct, that is why I put a disclaimer there... Lol

That said, there were over 9000 store closures in 2019, and over 1500+ so far in 2020...

The retail world has been changed by e-commerce... Either you are Nordstrom or Walmart, or you are a nail salon... but all the "office depot", all the "foot locker" are dying.....

That is why I would not be too greedy here, if it was me... Lol

@Alex Rand - I dont have zero experience in commercial, only residential, so maybe you should not listen to me at all...

That said, with the ever expanding to e-commerce, the traditional retail has been and will continue to shrink, meaning the demand for retail space has been reducing and will continue to reduce....

I would not get too greedy here....

@Marichelle Lao

Sorry to hear your story.... but you are not alone, hundreds if not thousands of “newbie CA investor” tried OOS and got burned every year...

Including myself.....

So speaking from my personal experience, get rid of that property and stay local for future investments.... you will make it up soon....

I sold my loser in Phoenix and came back local... now have 4 rental in San Francisco....

Best Luck

@Rand De villa

Well, where I live, price peaked in Q1 2018 and it has been dropping for 18 months now... down about 10% to 15%....

I dont know how long this down cycle will be or how deep it will cut, but I feel 2022 is a good time to re-evalute things, and we will probably have better visibility then...

@Nathan Shankles

the "next" correction has started about 12-18 months ago, depends where you are in CA... Lol

The real quetsion is how long it will last and how deep it will go....

I am waiting until 2022 for myself because i don't like to waste my hard earned money, but each for their own....:-)

@Caleb Heimsoth - I joined BP in 2016 so apparently I could not have said for 5 years...

I understand you are NOT in California, so I don't blame you for what you said...

For those of us in Calilfornia, our market peaked in mid 2018 and has been down the last 18 months, exactly what I thought back in 2017... 

@Nathan Shankles

I would pull equity out, when time is right, to buy more....

However, time is NOT right now... Give it until 2022 or 2023.....

@Sameer Kh

I won’t keep it..... however unless you can find another property that is worth investing, I would keep some dry powder for 2022 or 2023...

If you sell it at $130K, there is no real taxable income.... you won’t be paying much of any tax