2007 Resolutions......credit Overhauling
,Ok besides hitting the gym!
Here is my resolution, No more property headaches
The last year destroyed my credit rating to close to a 500 fico, all because I had I had a property damaged by fire with too little insurance and a thieving contractor.
I have had multiple 90 day lates and even went into foreclosure but was able to reinstate the loan. Right now The property should pay for itself again after 15 months of no income.
Is there any sense in going to a C lender or am I in hard money territitory? If I would want to buy a nother property?
What caused you to buy this in the first place? You may end up taking a bath on this place. Do you have a relationship with mortgage broker? Get them qualified for a loan to cover your mortgage and take a second for your equity. Still not sure why you bought this house. Good luck
Be careful on the "I will pay you when I get my tax refund". I have gotten burned on this one because there were liens against the refund (I believe unpaid government backed student loans). This is not likely to effect your situation since you may be paid (or not) within a day or two. Good luck with your situation.
Once you get the tenants out, try and rent/with option to buy. Other options to increase cash flow could be a boarding house or lease to a prison, assnt. living organization, church....
Eric
Iknow firsthand what you are going thru, so I will be blunt, get those renters out of there carefully, you dont want them to trash the house any more than they do in the non aggresive mode, As for the lady who wants to see the inside, she is going to use whatever to negotiate the price lower.
As for a second job, it depends what field you are in, sometims if you even get a menial job that has tips involved it can help.
Frankly you dont want this property to bite you, I suggest that you aggressively market it via internet or even this website, the more people know about it will be beneficial to you if you get a buyer, Why dont you describe the property to us both the good points and the bad. there are a lot of smart people on this board which will be glad to help.
good luck,God bless,
sleeve