Posted by James_Ga on July 18, 2001 at 15:46:40:
Lee,
Lease Option it or offer to owner finance it. That should open up a new market for you.
I really cant think of any other advice to give maybe some of the more established investors can help you out.
James_Ga
Poor first investment - Posted by Lee
Posted by Lee on July 18, 2001 at 14:30:57:
Eight years ago purchased an old property in a small (religion related) settlement in north west New Mexico. It was cheap and we were enamored of owning a home of our own. Three months after closing, job transfer necessitated becoming landlords. Worked out well for three years then things soured and our property mgmt can’t seem to find decent renters. We’ve made improvements along the way, and tried to sell property last year but to no avail. Mobiles and doublewides our biggest competition. In my opinion (and I’m just a frustrated home owner) the house will never be worth more than we paid for it due to its age and location, so its hard to want to put a lot of money into it (it needs a new kitchen). We never intended it to be investment property but now we’re stuck with it. Most of you probably wouldn’t have gotten yourself into this situation, but if anyone has any advice on the subject, I’d like to read it. Advice such as whether we should be aggressively trying to sell it, just let the property manager do his job and be glad when there is rent money coming in, hope for a natural disaster, etc. Thanks
Re: Poor first investment - Posted by Max
Posted by Max on July 18, 2001 at 18:19:15:
You could do a Pactrust, check out http://www.landtrust.net/
If you need the cash… - Posted by Paul_MA
Posted by Paul_MA on July 18, 2001 at 16:09:05:
…you can sell the note you created when you owner financed the property. Check some of the note web sites for details about structuring the note to make it more saleable.
Re: Poor first investment - Posted by phil fernandez
Posted by phil fernandez on July 18, 2001 at 15:50:21:
Although you have the competition from the mobiles and doublewides, you can still make your house stand out from the others by offering owner financing. Terms will make the phone ring. There are many people outthere that can not qualify for conventional financing. They might have a few dings on their credit. They may have to sell another house first. Their income to debt ratios might be too high for bank financing.
This is where your owner financing comes in. You would probably be one of the very few sellers that would be offering easy qualifying terms to your buyer. Even some bank qualified buyers would prefer owner financing as there would be less hoops to jump through and a closing could be accomplished much faster getting them into their new house in a week instead of two months.