trying to unload a white elephant
Hi everybody new to this site realy like
what I have read: Now my problem I hope
you can help!! I have a home in a very
poor neighborhood I have rented out
for 3 yrs bought it dirt cheap now I'm fed up with really bad tenants thought I
would rent make a few dollars and use
the equity to buy 2 other prop. Big
misstake. I paid 10000 put 8000 for f/u
It app for 42000 now I have a 27000
mort. on it. Tried to sell for 40000 no
takers.I would just like enough to pay
off lender.Here is were I 'm at now hope
this gets it sold.Rent to own no qual hold
for 1 yr 2000 op 500 rent 100 towards
price reduction when they take poss.
Could any body tell me If this the way to
go or can some one give me something
different ? By the way I'm going for 39000
Thanks for being patient I got a little long
winded.
joseph44,
Welcome to TCI. Sounds to me like problem is your tenant not your house. How long of a lease do they have? Month to month? Yearly? How about getting rid of the tenant and looking for a better tenant? Also sounds to me like this could possibly be an income generating property and you have some equity that you may decide to use for other ventures. Dont let a tenant get you down. If they are the problem, get rid of the problem. By the way, being that this is in a "poor" neighborhood, are you currently renting to a section 8 tenant?
Repoman
Joseph44
Where are you located?
Wendy......
Hi repoman thanks for your reply. To
answer your question I went to hud
sec.8 they gave me a paper to fill out
a disc.of the property, I asked them if
some one would contact me they said
no unless some one in sec.8 looked at
the property and was interested then
some body would call to look over the
home.My tennets are wkly had to evict
both parties,they would have destroyed
the place.When I bought the home I put
new carpet,h/ac, windows,etc. First ones
in ruined carpet burn marks,ref,new sink.
2 couple nothing but pigs I had a farm
before moving to s c my pigs were cleaner
than these people were.I just want out
so I can cosentrate on l/o better way to
go.Thanks for your time I appr.any sugg.
you may have.have a good day.
Hi Wedy I just sent a reply to repoman
if you read it maybe you might have an
idea or 2.Thanks have a good day.
joseph44,
Section 8 is surely an option. Stay on top of them and have the inspection done. Section 8 is ALWAYS looking for homes to place their tenants. They usually have a large list of tenants waiting to be placed. FYI: Section 8 tenants have rules that they must abide. If they break these rules they will be dismissed from the program and will not be eligable for future benifits. Besides that, with Sec 8 your rent is paid EVERY MONTH.
Just an option...Good Luck.
Repoman
Quote:Rent to own no qual hold for 1 yr 2000 op 500 rent 100 towards price reduction when they take poss.
Could any body tell me If this the way to go or can some one give me something different ? By the way I'm going for 39000joseph44,
You have an unrentable property in a declining neighborhood. How long do you want to keep this property? How long can you afford to insure it while it is vacant, with your increased risk of vandalism? If your answer is "forever" then offer on your stated terms.
Your post suggested that you are desperate to get rid of this "white elephant" yesterday. If you are committed to doing a lease option, then, why aren't you offering terms that might make buyers beg to take this property off your hands? Instead of offering only $100 rent credit, offer 100% rent credit. Don't step over the dollars to pick up the pennies.
If you just want to sell the property, why not offer to finance the entire deal yourself on a contract for Deed? Your ad might look like this with appropriate substitutions for your real vitals.
Owner will Finance
Low down, no bank qual
3BR/2BA, 1300 sq ft SFR
$39000 (123) 555-1234