All Forum Posts by: Karyn T.

Not sure, @Brandon Turner, but I'll be sure to stop by your rurrrral little area for coffee sometime! :)

Probably going to be Everett or north....

That's right!  Corporate downsizing even happens to doctors!  As of this past Wednesday, I was downsized....so I have 4 months, at full pay, to figure out what I want to do when I grow up!  I am waffling between opening my own small clinic (I will NOT be employed, ever again) and diving head first into full-time real estate.  Financially, each route is equally as terrifying, but I truly believe that, in time, RE investing would be much more satisfying, less worrisome, and less litigious than medicine (not implying in ANY way that there is no worry or litigation in RE...but that it is of a MUCH different caliber).  I am working on finishing up my RE licensing requirements in OR and WA (I put them on hold because I was too busy with work) and now have to decide where to start.

Even if I open my own little clinic, it will be a MUCH different animal than my current job description, and I would still be getting much more involved in the local real estate scene (mostly because I'm moving back to Washington again...where there actually IS a real estate scene!  Hi @Brandon Turner!!)

4 months to Show Time!! :)

Guess I've been talking to the right folks! :)

I rent out a high end home & DO allow dogs (no cats...cat pee is way worse than dog!) I actually prefer large dogs over small since many people tend to coddle small dogs & they end up spoiled & not housebroken. Due to my job, I'm currently working out of state & renting...with 300lbs of dog living with me. I can promise this house will be in better shape when I leave, than when I got here. There are MANY professionals like me. Personally, I'd be more worried about kids in my rental, than dogs, but I'm an experienced dog Mom. And for the record, responsible pet lovers will NOT give up their dogs for you. I'd live in my car before I gave up my dogs....

I will tell you, from the medical side, there will be little chance that any independent docs will be looking for a large new building.  Just too expensive, & income is flat (or declining) for docs (unlike the hospitals, government bureaucrats, and insurance).  Private practice is dead unless you give up insurance and do concierge practice, which would be unlikely to fly so close to a competing hospital (they'll intentionally put the competing docs out of business).  There ARE docs out there who are looking for SMALL spaces to open micro practices (300-100sqft single/double room office space) and that is probably going to be a new little niche market (I'm in it myself).

Now, all that being said, corporate hospitals are busy gobbling up the remaining private practices and still need office space to put those outpatient offices in.  If the plot is that close to the hospital, you may want to just approach and try to sell it to them directly, with your office building plans in hand...

I've decided to open a micro-practice for myself.  I'm tired of working "for the man", and I want to have more time to work on my real estate as well.

Looking for someone to help me find a small office space (likely 1000sqft or less) to rent while searching for the "perfect" commercial space (a larger, 1900s home, zoned medical, that will be large enough to sublet rooms to other practitioners for an overall "medi-spa" building.  May consider other options, of course....but this is the practice I imagine in my head. :)

Bueller?

@Rochelle Wilkinson

I must STRONGLY echo the sentiment of several other people here:  GET A LAWYER to help you with this!!

1) You need to find out if you REALLY own this building.  It sounds like you probably do, but please, please do not spend more time/money on this until you know for sure.  It shouldn't take a decent real estate lawyer long to go through the probate docs to figure it out.

2) Have the lawyer review your loan documents and find out EXACTLY what you are legally obligated to fix "right now" vs stuff they'd "like" to have fixed.

3) Have the lawyer compare the bank list of repairs to what your STATE requires that you fix.  You may find they're on the same page, or you may find the bank is trying to pull a fast one on someone they surely know has no experience or knowledge in the area.

*the few thousand you may potentially have to pay this RE lawyer will pale in comparison to the tens of thousands you will likely save in future trouble, time, and repair costs!!!!  DO IT!

4) Join and REI / keep making contacts here on BP....you could really use some help with the scale of your repairs. You're burning $$$$$$ because you have a lay-handyman doing repairs that likely should be completed by a decent general contractor who may cost more per hour for labor, but is bonded/insured, and can likely get a considerable discount on materials, as well as finish the repairs in a timely manner. You don't have to fire your handyman, if he's a good worker....but it sounds like he'll be more of an asset AFTER the major repairs have been completed.

For what it's worth, this is a REALLY inspiring story!  You are KICKING ***, and I hope you get through this a make millions for your retirement! :)

"Giving credit to Carlton Sheets for getting you into real estate is like giving credit to a snake oil salesman for getting you into being healthy." @Loc R.

Oh, I dunno...people go to snake oil salesmen all the time.  If you get burned, it's a life lesson, and the smart people out there learn from it.  You learn what NOT to do, how NOT to act, and how to get healthy (in your real estate business!)

And don't forget that repair costs, on a house that big, in an expensive area (and how are the taxes?!?!) can eat you alive.  

While I agree that no one should buy an investment that has negative cash flow, he has experienced becoming an "accidental landlord".  He originally bought it for personal use and not for making him money....kinda like the fancy cars some on BP drive.  For those running the numbers for him, how about running the numbers on how much it will cost to suddenly evict his "Golden Tenant", list the house, have it sit vacant (with no rent) during the sale, and then commissions to the agents, sellers fees, etc.

I bet it's more than the $4800/ yr he's currently losing and probably more than the $24000/5yrs....not to mention that just quick glance at his numbers looks like he doesn't have any true equity yet.  He'd have to bring a fairly sizable check to closing, from what I can see.

Keep it.  Refi if you can.  Improve value.  Keep your awesome tenant.