Few Questions for Real Estate Pros - Need Some Help

I wouldn't call myself a pro, but I think the answer for many to your first question would be funding. Probably finding private lenders is the best way to get funds, but funding is also costing you dollars in lost deals that could have been. You either need buyers or dollars to do well! It is nice if you can write a bio as well so others can get to know you. Tammy

Samuel, I'm one of the trainers involved with Dean's program. I'm sure that there are multiple people who would be happy to be of assistance with information that you need in getting started.
To be candid, the list of questions above seem only marginally helpful in assisting you to be a productive real estate investor. Is there a way that you could narrow down, or apply some of these questions to helping you to be an effective and profitable investor? Most people in getting started are more interested in tips and suggestions that would help you find properties or analyze them, rather than a focus on what might be the biggest challenge for one or another investor.
In other words, help us to understand better how to help you.

I'm looking for an advise!

Had my townhouse rented couple of years ago because I couldn't sell due to the value being lower than what I owe on it. Was not making money on the rental either. The tenants are not renewing the lease. I'm having to come out of pocket on the April payment. This is hurting me financially. I now live in CA.

I was told I have 2 options, continue to rent and hire a property manager to whom I'll have to pay a monthly fee of aprox $111 and she can't rent it for more than $850.00, which is what my mortgage & HOA amount to. I'll have to come out of pocket every month for $111 or so.

The other option is to have an investor take over my mortgage.

Are there any other options anyone can suggest?

Thanks,
Carolina

Carolina, if I were in your situation, the solution that would be highest on my list is to offer the property as a lease option. I don't know what your deficit is between what you owe and the fair market value of the property, but lease options can usually help you to make up that difference because you can charge high market rent, collect a sizeable option consideration amount up front, and charge a premium price for the property.
Without knowing the specifics, let me provide some broad parameters. I would typically set the price of the property around 10 to 12% above current fair market value of the property, set the length of the lease option at around 2 years, set the monthly rent at the high end of the range of rents for properties in that area, and collect somewhere between 3% and 10% Option Consideration up front. This could possibly cover your debt on the property, and you can make the tenant buyer responsible for at least part of the repairs and maintenance so that you do not need to have a property manager overseeing the property. That will save you a management fee, and you simply pay someone on a per instance basis if you need help with a maintenance problem, or showing the property, or in collecting monthly payments. I have a handyman who helps me when needed with an assortment of property challenges with my lease option properties.

Another choice would be to communicate with your lender and see if a short sale arrangement might be possible if you put the property up for sale. If that is possible, then you can either sell the property conventionally at the short sale amount, or do the lease option knowing that the selling price has been adjusted with approval from the lender.