Beginner needs help Bigtime; - Posted by Roy W.

Posted by Row W. on December 21, 2004 at 11:23:33:

Thanks Amy, could you call me at 515-295-9303 or e-mail me a number where I can call you.

Beginner needs help Bigtime; - Posted by Roy W.

Posted by Roy W. on December 17, 2004 at 16:17:40:

Beginner needs help:
When my wife died of cancer in 2002, I acted on her request and the dream of both of us and invested in Real Estate for the sake of our younger school age children. RE investments has in some ways, been a blessing and in others, I?m not so sure. I purchased a farmable 5 acre farm or acreage with outbuilding (rented) and two other two BR house (rented). I am also buying from the local bank four downtown commercial buildings all 80% (rented). The cash flow is adequate but I am trying to recover from two setbacks (1) I lost $63,000 on a business venture for one of our kids in another state that involved no real estate to recover any losses from so I had to eat it. (2) The gas company surprised me with $5,200.00 gas bill earlier this year on one of the buildings for which I pay heat. Said I had only been paying an estimated bill each month. I have had to borrow from the same bank twice this year to hang in there. Additionally I have a restaurant/apartment combination that is currently vacant and is sucking away badly needed profits. I need to barrow again in order to pay upcoming taxes. If I could sell everything at today?s market value, it would be worth somewhere around $800,000.00, but I think one of you out there can suggest other options. Where would I start in applying for a loan that could consolidate my mess and I could breath a bit easier?
Please advise;

Re: Beginner needs help Bigtime; - Posted by Amy

Posted by Amy on December 20, 2004 at 11:06:56:

Hi Roy,

You could simply refinance some of the properties you own to cash out and pay off your other debt. That would make sense if the value of those properties had gone up and if you had no or minimum prepayment penalties.

Commercial real estate owners often refinance their properties to take advantage of the increasing value of their properties to cash out for other investments, improvements, debt reduction, etc. Email me at if you’d like me to take a look at it for you.

Amy Cheng
Real Estate Investment Analyst & Consultant
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