I need a life preserver. Need help!!!! - Posted by Alex S FLA

Real Estate Investing
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Posted by Brent_IL on December 21, 2000 at 08:22:09:

Check out this site for info on how to sell via owner financing. Maybe your buyer can qualify for 80% to take you out of the hard money loan. You can carry 20% with a balloon, and use his payments to make your own payment on the lines of credit until you’re cashed out.

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I need a life preserver. Need help!!! - Posted by Alex S FLA

Posted by Alex S FLA on December 21, 2000 at 04:33:08:

Here’s the situation. I am new to RE investing. My second deal is eating me up. I ran over budget with rehab, the house is taking longer to sell than expected and mortgage payments are coming out of pocket at this point and its starting to hurt. I thought I planned for a relatively bad scenario if it didn’t sell fairly quickly however, as always things can always get worse.

I have a hard money loan on the property and the rehab money came from lines of credit. I was thinking of refinancing and maybe converting the house to a rental , honestly, I’m not sure where to begin.

I guess what I would like to know is if there are other ways to get my money out and start looking for more deals the well is running dry financially.

Thanks in advance for any responses.

P.S. I would also like to know if there are any expierenced investors in the South Florida area that would be willing to mentor/guide/help a rookie trying to make a dream come true???

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Re: I need a life preserver. Need help!!! - Posted by JPiper

Posted by JPiper on December 21, 2000 at 08:41:34:

Alex:

I’d like to give you some input. Unfortunately, you’ve given absolutely no details about your deal. Hard to give advice when you don’t know the facts.

I’d be interested in knowing:

  1. How much hard money loan
  2. How much on the credit lines
  3. Payments on each
  4. Are there any balloons, and if so, when
  5. What’s the fair market rent in this area? How do you know?
  6. Market value of the house. How did you determine this?
  7. What’s your cost in the house?
  8. Are you selling through a Realtor or FSBO
  9. Are you currently offering any terms
  10. How is the property being advertised
  11. How long have you been marketing
  12. What do you think the problem is? Have you had lots of lookers? Few lookers? Any offers?

Provide any other information you think might be helpful in understanding your deal.

JPiper