Getting Rid Of House (by Del [GA]) Nov 1, 2008 1:13 PM
Getting Rid Of House (by Mike in San Diego [CA]) Nov 1, 2008 1:30 PM
Getting Rid Of House (by ManateeAlley [FL]) Nov 1, 2008 1:35 PM
Getting Rid Of House (by pmh [TX]) Nov 1, 2008 2:50 PM
Getting Rid Of House (by Carolyn [MO]) Nov 1, 2008 3:03 PM
Getting Rid Of House (by Laura [GA]) Nov 1, 2008 5:06 PM
Getting Rid Of House (by Del [GA]) Nov 1, 2008 5:17 PM
Getting Rid Of House (by Chris [CA]) Nov 2, 2008 12:12 AM
Getting Rid Of House (by Steve [FL]) Nov 2, 2008 1:28 AM
Getting Rid Of House (by Del [GA]) Nov 2, 2008 6:05 AM
Getting Rid Of House (by Liz [NV]) Nov 3, 2008 7:17 AM
Getting Rid Of House (by Del [GA]) Nov 3, 2008 7:23 AM
Getting Rid Of House (by Echo [GA]) Nov 4, 2008 8:05 AM
Getting Rid Of House (by otter [KY]) Nov 4, 2008 2:57 PM
Getting Rid Of House (by Del [GA]) Posted on: Nov 1, 2008 1:13 PM Message:
Hi All, now that I am depressed and blood pressure went sky high, I finally says QUIT, THAT'S IT...I need to get rid of this property.
Tenant's Lease will be up in January, Bought property New in December 2006 McDonough GA, Interest rate Too high to manage 14%, can't keep property as the rent does not cover Mortgage, In Immaculate condition....SHORT SALE anyone? HELP !!!!!
--74.166.x.xx |
Getting Rid Of House (by Mike in San Diego [CA]) Posted on: Nov 1, 2008 1:30 PM Message:
If buy high, sell low was part of your strategy, then everything seems to have worked out as planned. --68.8.xxx.xxx |
Getting Rid Of House (by ManateeAlley [FL]) Posted on: Nov 1, 2008 1:35 PM Message:
Owner occupied can be had for around 6%. Move in and re-finance! --71.196.xx.xxx |
Getting Rid Of House (by pmh [TX]) Posted on: Nov 1, 2008 2:50 PM Message:
was that 14% a typo ? do as manatee says (?) --68.191.xxx.xxx |
Getting Rid Of House (by Carolyn [MO]) Posted on: Nov 1, 2008 3:03 PM Message:
14%! That was a good interest rate when I was buying property back in the very early 80s. However, it was a killer - and the only way it worked was to have low prices, and the lower property taxes and insurance there was then.
I can't imagine trying to make an investment work these days with that kind of interest rate.
As suggested above, can you move into the house? --205.188.xxx.xxx |
Getting Rid Of House (by Laura [GA]) Posted on: Nov 1, 2008 5:06 PM Message:
Hey Del-I know all the troubles you have had with this property and completely understand your frustration!
Have you been able to talk to the lender about that mortgage? clark Howard just said the other day that the lenders will be more willing to help as soon as the guidelines for the gov't help are hammered out, within the next couple of weeks.
Good luck to you! I would look at your property, but I like to keep mine very close to home! --76.97.x.xxx |
Getting Rid Of House (by Del [GA]) Posted on: Nov 1, 2008 5:17 PM Message:
Hey Guys, 14% is Not a Typo it's real...Would love to move in and do the honours but unable to..for more reasons than one.
Laura I really hope Clark Howard is right, I can't wait...I did talk to the lender and of course they are not helping, this is one of the reasons why my pressure went up so high, I was sick for almost 2 weeks.....
I do hope I can get this propery SHORT SALE of to a lesser extent...DEED IN LEIU
I bought this property for 148,000.00 Once again HELP!!!! --74.166.x.xx |
Getting Rid Of House (by Chris [CA]) Posted on: Nov 2, 2008 12:12 AM Message:
Del, what's the whole story? Rent = ? FMV = ? How much do you owe? Maybe carrying a 2nd might help with a sale? Would the place appeal to a family or who would be the prospective buyer? What is going on in the neighborhood? Brown lawn, many foreclosures? And did you ever have a positive cash flow? --78.43.xxx.xxx |
Getting Rid Of House (by Steve [FL]) Posted on: Nov 2, 2008 1:28 AM Message:
Del, you're good. I don't think you could have picked a worse time to buy or worse time to sell. But depending on where the numbers fall out and location, you may be able to get rid of it. I've got a friend that just moved his FL house after only 3 days on the market; and yes, his area is difficult like many other areas of the country. --24.99.xxx.xxx |
Getting Rid Of House (by Del [GA]) Posted on: Nov 2, 2008 6:05 AM Message:
Chris (CA)Everything is positive except the rent does not cover mortgage and my blood pressure is high...3 B/R 2.5 Bth Quiet area 5 mins walk to all three schools and 2 min. to Day Care.. shopping 5 mins, Foreclosures minimal (Now), well kept community and neighbours, 10 mins to golf course... --74.166.x.xx |
Getting Rid Of House (by Liz [NV]) Posted on: Nov 3, 2008 7:17 AM Message:
What about a lease option? Would anyone be willing to pay higher rent for a chance to own at some point? How much negative or you rent verus mortgage? Liz --207.200.xxx.xx |
Getting Rid Of House (by Del [GA]) Posted on: Nov 3, 2008 7:23 AM Message:
Hey Liz,
Rent 1050.00 Mtg. 1500.00, Purchase price 147800.00 owes the same (interest only loan)
Need to get rid of this headache..(Credit messed up because of previouse tenant and NO equity... cant refinance) This is a NIGHTMARE on Elm Street --74.166.x.xx |
Getting Rid Of House (by Echo [GA]) Posted on: Nov 4, 2008 8:05 AM Message:
Breath, Banks are not working with people regardless of what the media says. Sure there may be a few but dont count on it. You can try though. First call your lender and try to get rate down, at the same time ask for a loss mitigation package, this usually a set of forms that you have to fill out to start the process. Next get your house on the market today. Most lenders will not entertain a short sale with out the unit being on the market for 90 days. If you are upside down on the loan, can you make up the diffence to get it sold? Most lenders will not take deed in leiu, if it hasnt been on the market for 90 days, but you can ask. Yes, you're credit will be ruined for quite some time, but it sounds as if your credit may already be bad. Since this is an investment home, you will have a 1099 issued and you will be taxed on it. Also the lender may asked for a deficiency judgement. Hang on , it will get rough, but it is what it is, keep your pressure down. --74.243.xx.xx |
Getting Rid Of House (by otter [KY]) Posted on: Nov 4, 2008 2:57 PM Message:
Another LL bites the dust...
Was this your first venture; what went wrong?
Sometimes it helps to talk about it... : D
A fellow first-time LL hating LLing but hanging in there for now. --209.240.xxx.xx |
Reply:
|
|