Posted by ski on October 14, 2005 at 19:35:04:
GET RID OF THE DEADBEATS. If they couldn’t keep the former payments current, what makes you think they will on yours??? The best thing you can do is to get the deed and give them x days to vacate. If necessary sign a lease, which we all know they will violate, and get rid of them and go on to happier things.
how can i solve this? - Posted by trevor
Posted by trevor on October 14, 2005 at 17:10:08:
I have a neighbor who came to me about their house being forclosed on. They owe 140k, and 15k to bring current. The house will sell quickly at 255k.
The problem is, they want to find a way to stay in the house. What is the best way to make this happen. If i didn’t know them well i would offer to buy at 160k-170k and turn around and sell it. But they want to stay in it. Their payments are just over 1k. I don’t think there is room to buy and rent back to them. (not sure if i want to either)
Im not sure if i am going to be able to help them and have them stay in the house.
What do you think?
Re: how can i solve this? - Posted by Jeff
Posted by Jeff on October 17, 2005 at 14:56:58:
As Iron Maiden once sang:
“Run to the hills.”
“Run for your life.”
Seriously, don’t do this. If they weren’t able to pay the bank, what makes you think they will pay you.
Just my two pennies.
Re: how can i solve this? - Posted by stay
Posted by stay on October 16, 2005 at 11:53:48:
If you want to be a really good guy you could refi for them and then put on a second to collect your profit later when they fall behind and it must be sold (per the agreement you make). If they do recover they would pay you off with interest.
Or you could just make them a decent standing offer to buy the place and they can choose to take or leave it. Then if you rent it to them, fine. Whether they rent from you or not, you could still give them an option for the first right of refusal to buy back the place by a specified date for a friendly price. You keep it as a rental during the agreed upon holding period.
Re: how can i solve this? - Posted by Sailor
Posted by Sailor on October 15, 2005 at 18:58:50:
It could be a good investment for you, but the neighbors would have to settle for moving $$$. Don’t think there is any way you can maintain a decent relationship w/these folks as: (1) they would always consider it THEIR house; (2) they wouldn’t keep up their rent payments; & (3) they would resent you for “taking advantage” of their hard luck & profiting from it. It would be like dealing w/relatives, & most of us have learned the hard way how AWFUL that can turn out.
Tye
Re: how can i solve this? - Posted by RV
Posted by RV on October 14, 2005 at 18:14:21:
Maybe you could agree to make the payments to get it to current status in exchange for the deed. Then do a lease/option with them where they will agree to buy the property back from you in a year or two after they get their act together while making monthly payments > than the current 1K. You would obviously sell it to them for more than the current value of 255K. Need to find out how much are properies appreciating per year in your area. That way they could stay in the house and not loose it. You will get the monthly cash flow and the big chunck of money whenever they buy it back in a year or two. If they don’t comply then they are out and you have the deed.
Re: how can i solve this? - Posted by RV
Posted by RV on October 14, 2005 at 18:13:02:
Maybe you could agree to make the payments to get it to current status in exchange for the deed. Then do a lease/option with them where they will agree to buy the property back from you in a year or two after they get their act together while making monthly payments > than the current 1K. You would obviously sell it to them for more than the current value of 255K. Need to find out how much are properies appreciating per year in your area. That way they could stay in the house and not loose it. You will get the monthly cash flow and the big chunck of money whenever they buy it back in a year or two. If they don’t comply then they are out and you have the deed so you can go ahead and either sell it or do another lease/option.
RV
mayda mifflin - Posted by mayda mifflin
Posted by mayda mifflin on January 17, 2006 at 24:21:51:
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Please Don’t Do This! - Posted by Simone
Posted by Simone on October 14, 2005 at 19:35:53:
The courts take a dim view of this approach.