Posted by Jeanne on September 20, 2011 at 11:48:05:
For the rest of you:
What You Should Know About Out-of-State Owners
http://www.creonline.com/money-ideas/mm-078.html
Jeanne
How to get rid of rentals - Posted by db
Posted by db on September 19, 2011 at 19:37:02:
I am an out-of-town landlord and have three properties I
desperately want to get out from under of. One is a 4 unit
in decent shape, I have 50k or so of equity in it. One is a
sfh with a non-paying tenant and is in horrible shape, not
sure if I could even sell if for what I have in it. The last
one is a sfh that I sold 4 years ago cfd, the tenant/owners
are great and pay on time. There is a 20k spread on what I
owe and what they owe me.
I have listed the sfh on craigslist with zero response. I
can’t keep making the payments on it though. I am current on
all payments and have never had a late payment in 12 years.
My question is what would you do to get out from under
these? Thanks for all responses.
Re: How to get rid of rentals - Posted by Mike P-Ohio
Posted by Mike P-Ohio on September 23, 2011 at 14:30:43:
db,
I would do a lease option. A lease option to a tenant buyer would get you out from under the payments and the tenant buyer will be responsible for the repairs as well which is great since you are out of state.
Re: How to get rid of rentals - Posted by Jeanne
Posted by Jeanne on September 20, 2011 at 11:46:24:
Contact the leader of the local Real Estate Investor’s Club: http://www.creonline.com/real-estate-clubs/
Re: How to get rid of rentals - Posted by HC
Posted by HC on September 19, 2011 at 23:56:37:
Where are you located and where are your properties located? As far as the sfh what I would do is sell the deed as a note and have someone else take it off my hands. You may have to take a loss on it but that is better than keeping it on your hands and not collecting anything on it anyhow. A suggestion, message me back with your thoughts?