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Would you be willing to sell me your property for what you owe on it? If so I could possibly buy your property today. ([email protected])
You need to learn the business of real estate investing. $130,000 is a modest amount in today’s real estate market; it may be a nice down payment on a $400,000 property. In the active business of real estate investing you don’t use much of your own money. Either you take over the seller’s loans or you barrow “hard money” (Short term loan at high interest rate barrowed from private lenders.) There is a lot of detail behind what I have just told you. I recommend you take a seminar. They are expensive maybe $5,000 for two weeks. I cannot recommend who gives a good seminar where you live. I’m sure there are a lot of charlatans in the business. After you think you have learned what you should know the real seminar occurs when you go through your first few deals.
Never predict what a council will or will not do! San Francisco, California you may think is a different world from where you are, governed by different laws etc. they are that, but they are also governed by a Board of Supervisors (a council) these are non paid positions held by people who know better than anyone else what is best for you and your property. In this old city of high rise apartment buildings with small turn of the century elevators. Many of these apartment building were rented to seniors only, because the apartments were small and the hallways narrow. It would not be conducive to family living, the noise and damage caused by young children would not be desired by anyone, landlord or renters. But the council knew better and required all rentals in San Francisco to allow children. End of story no appeal to higher authority. Property rights in San Francisco is barely existent, it is certainly not God given and I bet it is not where you live either.
Renters are renters and you have to deal with them in ways that work. A landlord’s burden is to keep his property in good repair. Oh you can hassle around about deposits and paying for damage, you get what you can and often just have to suffer the loss. You hope to make a profit at the end of the year. I prefer to lease option my properties. The lessees are totally responsible for all repairs and in most cases they do not buy the property and you lease option it again, keeping their down payment. (On average you will lease option 5 times before you sell it.) They leave the property in about the same shape as any renter. Sometimes they make expensive improvements! In some jurisdictions I understand lease options are not allowed. In that case the next best option is to have a property management company handle the property for you. I been there and will never go back to managing rental property myself, I don’t have the time nor the temperament. I’d rather spend my energy making money in real estate investing.
