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01-03-2010, 08:40 AM #1
Fixer Upper
- Join Date
- Feb 2009
- Posts
- 17
Should I let the bank take this property?
I purchased 4 unit property roughly 5 years ago as an investment. However, the property has been a financial money pit for my wife and I. We have had to evict 5 tenants amounting to roughly $15,000 in unrecovered rents, long duration vacancies resulting in thousands in lost income, and we have had to put tens of thousands into repairs over the years. With the crash in the real estate market, we haven
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01-04-2010, 02:41 PM #2
Renter
- Join Date
- Dec 2009
- Posts
- 7
If you can't get more than 145,000 for it then the bank has an interest in you keeping it b/c you're paying 200,000 for it and chances are your home would be another one on the banks pile. So I think that you should negotiate with the bank to readjust your interest rate. Obviously the best case scenario would be to lower the interest rate enough so that you could get someone in there who would start renting out the property, leaving you with some sort of cash flow. That's really squeezing it and sinces your arm is about to adjust I would do this a.s.a.p.
With regards to the problems on the home, I would do my best to get them fixed.
IMO - Credit is worth the grease!
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