Our 341 Meeting

[nohoneymoney]

I'm glad that part is over for you! I am also waiting to see if the banks will modify my mortgages to the point that the properties are profitable. At the same time, I look forward to not being a landlord any more. In short, they would have to offer me some very sweet deals for me to hang on to them...not holding my breath.

Congrats and let the countdown begin! (or continue, lol)

Thank you HighUnder
I hear you about being a landlord. In most cases we got out of that business by using property managers. Like tenants there are good and bad property managers but they are easier to change than a tenant. So if we can get a lien modification to make a rental property profitable, defined as a reasonable return on investment, we will do it. We funded the purchase of real estate with a second mortgage on the house, so it would be nice if the rental properties could make us enough money to cover the monthly payments.

Given our poor record trying to get a modification pre-BK, we are using a 'professional' that our lawyer recommended. We shall see. We have a fresh start so the modifications have to be really good or the property is gone!

Curious, are your rental properties near to you in CA or are you trying to be long distance landlord?

[HighUnder]

Thank you HighUnder
I hear you about being a landlord. In most cases we got out of that business by using property managers. Like tenants there are good and bad property managers but they are easier to change than a tenant. So if we can get a lien modification to make a rental property profitable, defined as a reasonable return on investment, we will do it. We funded the purchase of real estate with a second mortgage on the house, so it would be nice if the rental properties could make us enough money to cover the monthly payments.

Given our poor record trying to get a modification pre-BK, we are using a 'professional' that our lawyer recommended. We shall see. We have a fresh start so the modifications have to be really good or the property is gone!

Curious, are your rental properties near to you in CA or are you trying to be long distance landlord?

I mostly manage them myself and I have been very lucky as I have some great tenants. One property is out of state and is managed by a really great management company. My intention was to turn them all over to professional management companies, but after I tried that with one property here, I ended up managing them AND the property, which wasn't fun! If I can get the banks to modify the loans in my favor, I will definitely try out another management company near me, but until them, I'll keep my plumber on speed dial, lol...