 Advice, comments about our FHA loan? |
| make a long story short. My wife and paid off all of our debts. we went to a mortgage company to get a loan, the lady took our info and called us the next day saying how much we were approved for and ... |
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 HELP!! Tenants are absolutely insane - called the police? ? |
Hi everyone,
I posted a while ago about how my parents have insane tenants. Recently we had a family emergency that my parents had to tend to the past few weeks. Last week we got a letter ... |
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 Do you hate viewing apartments that people are living in before renting? |
| ...like when going to see a place that is coming on the market in a few months and the place is still fully lived in? Do you hate being a tenant in that situation as well........ |
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 Can you explain to me in layman terms how adjustable mortgage rates work? |
| My sister has an adjustable rate mortgage. Over the past year her mortgage payments have gone up several times. Now her monthly mortgage payment is $2,235 for a 2000 sq ft home in a nice area. No ... |
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 Will a sold sign go up? |
| We accepted an offer on our house today, we still have to find a house to move to and I was wondering will the estate agents put a Sold sign up of the board?... |
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 Advice...................... |
| ive been seeing my girl for 5 years, ive got my own house, got approx £130K IN equity, she could sell hers and walk away with £180k, put the 2 together and get a nice place together.................... |
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 If someone makes $96,000 a year and has a credit score of 700, what kind of home loan can they get? |
| Would it be better to work more on the credit score or have a more significant down payment or what?... |
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 I'm buying my first house but how can i avoid paying PMI. what can i do? |
| i have investments in retirement accounts that i cant touch around 42k and only about 30k for a 10% down on a 300k loan.... |
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 Can someone get a mortgage broker license with 5 DUI's? |
| I have a friend who wants to get a mortgage broker license in PA and eventually in other states. He has 5 DUI's!!! We have a $100 bet if he can or can't get his license. I am pretty sure he ... |
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 How can I get rid of pmi on my new home loan? |
| I know NOIC give a loan without pmi to first time home buyers. I am with National city. How can I terminate this problem to avoid this extra amount on my loan?... |
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 My landlord sold the house we're renting. Buyer says we have to be out tomorrow with no notice!? |
| I live in Arizona. Our landlord dissolved our lease in Sept allowing us to live here free as the home was preforclosure. If it had foreclosed we would have had 30 days from sale to move. Now buyer... |
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Stephen B | Can't afford my investment properties? |
Have three investment properties that I can no longer afford. I invested in real estate over the last three years and I can no longer afford my houses. I am disabled and now am on a fixed income. I have renters but I still have to make up for the balances every month. What do I do? |
 |
 
Rafael P
 |
So, what exactly was your plan investing in negative cash flowing properties? Regardless of anything else, you do not invest in negative cash flow properties... after reading this post, anyone wanna take a guess why that is?
Now, having gotten past the lesson, the first question is, do you have ANY equity in these properties that will allow you to sell out of them?
If not, find a partner who has enough to make up the negative cashflow, and offer to split the equity position created when these properties eventually go up in value again.
Or, time to have a wee rent raise, and then you might still need help. |
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Tiss
|
Raise the rents or put the properties on the market. Could you refinance at a lower interest rate? Good luck! |
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Mildred S
 |
definatly raise rents ... hopefully leases allow ?
list for sale with realtor
hopefully investments are not tied to each other |
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kirk m
 |
You could try lease options with your tenants. Get them to give you a little cash down for reserves and raise the rents to cover the mortgages until they can actually put together financing. |
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bubiandme
|
In the market in Australia is not good. I would sell one or two of these investments. If you are in Sydney do it soon as theinterest rates are going to climb & the property won't be worth what you paid for it. |
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Stephen Jagger
|
Try giving a Realtor that you trust a call and ask their thoughts on your situation. Make sure that it is someone that you trust and that they don't push for you to just list your properties. It might be the right advice, but you want to make sure that it is in your best interest. |
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don_hepburn
|
Raise the rent, or sell. |
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wartz
|
List the property for sale and hope you get a buyer ahead of foreclosure. Ask the tenants if they would be interested in buying and could qualify to take over the loans. |
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peilthetraveler
|
Too many people nowadays are trying to invest in real estate that doesnt cash flow. They look at P & I and think that if the rent is higher than that, they will make money. As you are finding out this is not the case. Whatever rent is you need to mulitiply by .60 to .50 and whatever that number is, is the most you can pay for you P&I to cashflow the property. Basically your only way out is the bigger fool theory. You gotta find a bigger fool than you to sell the property to because no professional investor is going to want your properties and is going to know its a money pit. A few years ago there was an abundance of these bigger fools, but its in such short supply today.
I dont knwo your balances that you have to pay every month, but if you can find some sort of extra income to help pay those balances you should be able to get more rent in the next few years. Just cause your disabled doesnt mean you cant sit at a desk and do data entry. Obviously you were able to sit and type this question.
Oh...you might find one of those bigger fools as your renters. Offer to lease option the house for them so they can buy it and make sure the lease option is more than the rent and enough to cover everything and make sure you state in the L.O. that they are responsible for all repairs during this time. If they eventually cant make the payment, at least you got a few months of relief from having to make up the balances and if they do keep paying and can refi in a year or 2, then you are out of them free and clear! |
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