Posted by Ed Garcia on March 13, 2006 at 10:08:08:
Myra,
you busted me.
But at least you’re going to come back to learn about REI, so I’m still in.
(smile)
Ed Garcia
Mr. Ed and all experienced investors… - Posted by Liliana
Posted by Liliana on March 02, 2006 at 12:15:26:
To sell or not to sell:
If some of you have read my few posts, you’ll know that I own a single home in NC (where I live) and a 3-unit property in PA. My husband and I have kept the property because we really wanted to keep our investment as long as we could. Right now it pays for itself and leaves a little extra to cover some expenses. We are not making money but sometimes we have to put money out of our pocket to cover some expenses, especially when it rains! It currently have 2-2000 gal. holding tanks which cost $275 to pumped them and we have a 1500 gal. septic system. The septic goes into the holding tanks. When it rains, a lot of water does not drain and it becomes a big poodle of water. Its not often like this but we have not determined why this happens as sometimes is not when it rains a lot. Now considering that we may face having to replace the septic system and that we will not be able to not only financially but because the lot is too small and we may have to install more holding tanks, do you all think we should sell? We got an offer that just about covers what we owe except that we have a home equity loan on this property and am not sure if I would have to get another loan to pay this off, would I? The offer can go up a little so we would make a little money but not much at all.
The way I see it, we can sell given that the property needs some work and we can’t afford to do this and even now, I am not able to manage it the way I did when I lived there.
or
We can keep it, its an investment and maybe we won’t face any worse repairs and hopefully my husband makes enough passive income on his current job that if we are faced with needing to do more repairs, we can afford it.
Right now I get stressed out because the property is not the way I’d like it to be. I can’t manage it to its best because I’m not there and if we hire a management company, we would have to put money out of our pocket to cover everything which we can not do right now. We are barely making ends meet. I have fate that my husband’s job will turn around and we’ll be in a better financial position but that can take a year or two.
I’m sorry if I went on and on and was unclear. Just ask me and I’ll answer. Thanks, I appreciate any thoughts/advice shared.
Liliana
Re: Mr. Ed and all experienced investors… - Posted by Ed Garcia
Posted by Ed Garcia on March 03, 2006 at 10:19:22:
Liliana,
Where?s the Beef?
You tell us the property barely debt services and you have already taken out your equity via equity loan.
The property is stressing you, has maintenance issues and costs with no further upside. My suggestion is to get out of the deal while the getting is good and go find another deal that makes economic sense.
Austala Vista Baby,
Ed Garcia
How could Ed Garcia butcher a Spanish term? - Posted by myra
Posted by myra on March 12, 2006 at 21:28:04:
Ed,
Austala Vista Baby???
Am I missing a joke here, or is Garcia of Irish decent rather than Spanish? I always enjoy the real estate knowledge you share with us, but I won’t come to you for Spanish lessons. 
Hasta la vista, Ed.
Myra