Posted by Casey on January 04, 2009 at 11:32:13:
What were some of the issues that caused you to fail? I am just getting started and am closing a self storage facility on the 19th.
I failed at commercial real estate - Posted by Tom
Posted by Tom on January 04, 2009 at 10:22:38:
I presently own some property that includes land, a strip center and a building leased by Dollar General. It has failed miserably and I have already put a ton of money in it. Because of present leases I’m stuck for years to come.
I’ve made a decision to cut my losses and move on although I’m in massive sell mode and the lenders will work with me.
My question-I’m simply thinking of giving the property back to the bank (deed in lieu of foreclosure)if I’m not able to sell quickly. I’m aware they have to approve that. My main concern is my credit standing. What is anyone’s recommendation on how I can best preserve my excellent credit? Or does anyone see other options for me.
Re: I failed at commercial real estate - Posted by warren
Posted by warren on January 07, 2009 at 10:20:28:
Don’t just give back the property you could have problems for years to come - send me a contact number I am sure you have other options
Re: I failed at commercial real estate - Posted by john
Posted by john on January 05, 2009 at 19:38:42:
Avoid Foreclosure at all cost as this will ruin your credit report for the next 7 years. Working with you bank is the best option…maybe you can restructure the deal with the bank. Banks don’t want to be in the real estate business.