So many people are facing difficult real estate and financial challenges. The rental (or rentals) that was supposed to set them free now feels like an albatross around their neck. This can be turned around easier and faster than you might think.
It’s easy to get depressed, be overwhelmed and stick your head in the sand. Any advice needs to contain a dash of ‘life coaching’ because no two people have the exact same situation, financially or psychologically.
A woman who tragically lost her home in the Altadena fire, and found that her insurance was insufficient to rebuild, is already having a hard enough time.
Then she started having trouble with her rental, but she doesn’t want to pay all the capital gains, and feels frozen, having a hard time making concrete decisions on how to move forward.
In a recent Property & Paper LIVE zoom session, her sister came on to talk about it, and we discussed ways she could relate to it for peace of mind, and actionable steps that might be appropriate.
I needed to know:
- Fair market value of the rental
- Market rent
- Remaining balance of the mortgage
- The repayment terms
- Amount of PITI (principal, interest, taxes & insurance)
- Her overall financial situation
- Her level of financial resilience
- If she liked being a landlord
- The level of her risk tolerance
Hosting these free live Q&A events is one of my most favorite ways to engage. Hope to see you on one of these days.
To register for the next one at any time, visit: www.PropertyAndPaper.com