Wrapping Up First Successful Short Sale - Need Exit Strategy Opinions
Will soon be closing an $80K condo that shorted for about $54K. Cash deal. I estimate $8-$10K of rehab costs. Considering rehab myself but that will protract the amount of time my money will be out of play. I'm considering wholesaling to another investor (yet to be found) for slightly less profit which will get my money back and on to the next project ASAP. Any opinions as to the pros and cons of either course of action? Any other exit strategies I should consider?
Thanks!!
refi it, and carry the debt for a while. use the equity for other deals.
maybe 70-80% heloc at less than to prime only, work the payment to be covered by the rent and carry it (perhaps)
is there another deal on the horizon, that you would need cash for?[ Edited by cjmazur on Date 07/08/2004 ]
I'm not very interested in carrying the property. Cash flow potential is break even at best and I like holding single family homes for the long term more so than condos/townhomes. Additionally, I have found it difficult to convince lenders to refi an investment property for cash out purposes at higher than 75% LTV. Really want to turn it over, take the profit and move on. Just intereseted in other opinions and ideas on how to do that most effectively.
Thanks!
anyone???
from your own statements, your not very interested in carrying the prop., i would say sell as some as you can to a investor if you have that ability. rehabbing 10k can force you to carry it longer than you may intend....kenmax