| Re: Is my Investor Property Hopeless?
The problem with owning three parcels of real property in this declining national real estate market is you get to experience the evaporation of your financial position at a much more rapid pace than most of us. My inclination is to suggest that you get your debt down to a manageable level by first concentrating on disposing of that which hurts you the most from a negative cash flow standpoint, and prune off the other assets in a manner designed with the recognition that we are officially in a recession (as reported this afternoon by CNN).
I would look at immediately placing Homes #2 and #3 on the market and price them to sell. Otherwise you stand the risk of riding this market downward to its bottom. I continue to stick to my 2011 estimate of bottom timing. Thankfully I made a similar decision in 2003, expecting the market to crash shortly after that year. I use to kick myself for not "hanging in" until 2005, but today am glad I took the approach I did.
Daniel |