Some notes on real estate ambitions...

I spent about five years working in real estate, participating in the buying, selling, and renting of homes. Most of my duties involved managing tenants.

Back in 2023, I ended my five year stint as a property manager, having managed a rental in a D-class neighborhood. Boy, have I got some stories for you. The second tenant that lived in the property completely trashed the unit. There was garbage littered on the lawn every time I visited and they even created a severe German roach infestation. There were lots of grandkids living there, all under the age of 5 (none of whom were on the original lease), so you can imagine the repair emergencies that came up. On top of that, the neighborhood was run by drug dealers in their early 20's.

Traumatic memories aside, I've found myself leaning into real estate again but as an investor. Currently, within walking distance of my complex, there is an abandoned home. I am familiar with the owner and her son because I pass their home every time I leave my parking lot and go for a walk. In fact, their backyard is connected to the the small patch of yard next to my unit. If I wanted, I could cross their backyard to walk to the store. In the winter, when the trees are bare, they can see into my kitchen area and I can look into their living room window.

The son moved out about a year and a half ago. The mother (owner of the property) lives out of state. Over the years, I've watched the bank threaten foreclosure on the home. Now, the property looks as bad as its ever looked. And with the bank threatening to repossess the property again, I'm wondering if I should start getting my ducks in a row...

Here are a list of the challenges I'm facing...

• What to do with the actual property after I buy it. Long-term rental seems like an obvious choice but I've been a property manager before and I didn't relish the experience one bit. Granted, I was land-lording a "class" of tenants who had some difficulty (a lot of difficulty) managing life but I am, frankly, a terrible landlord anyway. Of course short-term rental is an option, as well as "house-hacking" (as the internet calls it). Anyway, this, I need to figure this out.
• Financing the actual purchase. Honestly, there's so much to say but not a lot I can actually say on a forum like this. But at this point, I probably won't use a conventional lender.
• Rehabbing the home. I have experience overseeing rehabs but, again, this is not a part of the project I'll enjoy. Hiring a contractor is cost-prohibitive and usually a nightmare when you're an investor with limited resources. However, I successfully managed the rehab of the very last home I looked after and the home turned out beautifully. Dealing with tradesmen is challenging for a female in a male-dominated industry but experience has taught me how to handle this as well.
• Approaching the owner with an offer. I've met her before. She's mean. And I'm fairly certain she's already had offers from the vultures circling her house, none of whom she's responded to (I'm guessing) since she still owns the home. Once I've got a plan in the place for acquiring the property, figuring out how to approach the owner will be the final step... like fighting the boss villain in the final level a Super Mario video game.

As I reflect on all of this, I realize it isn't a project I can't handle. I actually have knowledge and experience. My main concern is preserving my peace of mind. When I ended my career as a property manager, I found that my nerves were a wreck. I exited that job because it was taking a toll on my health. The stress from that role is probably the reason I started acupuncture earlier this year. My regular clients at the time knew how stressful the job was because I would bring them stories every time I saw them (bless you all for listening, by the way).

I'm a highly competent individual but I'm also a bundle of sensitivities and jittery nerves. I don't want to lose my health or my sanity by taking on another stressful project. This here is the challenge I'm facing: whether or not to gain more financial security but at the possible risk of my health. And, as you may have already learned from my other posts, my health is extremely important to me.

My first step is to see what's possible, in terms of investment and return. Stay tuned for more updates and pray that $100,000 falls on top of me from out of the sky.