Posted by chris on January 07, 2009 at 14:33:40:
I would consider a rent to own on the house. I would imagine this is one of the best ways to recoup if you are upside down. Why not go for the max deposit and rent you can get as well as asking price. You never know what someone will agree to that wants to own.
Advice needed - Posted by Lisa
Posted by Lisa on January 04, 2009 at 10:45:12:
I purchased a tax foreclosure with the intention of flipping it before the market drastically declined. Unfortunately, rehabbing took longer than projected and the market plummeted. The house is now completed, and has been for sale since October and I haven’t had any luck selling it.
I have had several inquiries about rent to own on this property, but I need my initial investment back to finance future houses. I recently purchased another house to make into a rental, now all my purchasing power is used up. I’m focusing on rental versus flipping now because I believe that’s where the money will be. Flipping them can come later when the market recovers.
I’m new to this and I don’t know how to keep the ball rolling on future purchases. I read these posts in here and much of it is french to me. If anyone can give advice that is easy to understand and not full of real estate lingo, I would very much appreciate it!
Thanks for the great forum!
Re: Advice needed - Posted by Sean A. Frontz
Posted by Sean A. Frontz on January 04, 2009 at 13:50:02:
How much do you have in the property and what is it’s current appraisal value?
Not to sound too harsh, but if this all sounds French, you need to read and study a lot more before getting any deeper or you will end up in a really bad situation that could affect you for years to come…
I studied and still study a lot to try to understand and still do not think I know 25% of this whole industry. I have successfully completed five units and put in another offer Thursday and still have so much to learn…
There boards are great to use to begin to learn what to ask and how to think…
Hope you do not take that comment offensively as it was not meant to be offensive at all, but just friendly advice… there is a huge price to be paid for knowledge in this industry, at least that is my opinion… would love others thougths as well…
Re: Advice needed - Posted by Debbie
Posted by Debbie on January 05, 2009 at 11:50:25:
Lisa,
Do you have a local REI (real estate investors) club in your area? That is where I made contacts, took classes, and learned a lot of what I now know about real estate. I have been at it for 4 years and can tell you it is an ongoing education, with market and financing changes happening all the time.
Without knowing the details of the property you are trying to sell, realize that sometimes you have to cut your loses or take less profit if it furthers your goal. You may also consider taking on a partner if you can’t sell right now.