Need some sound advice

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wilng2chge
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Need some sound advice

Postby wilng2chge » Wed Mar 13, 2013 2:23 pm

My husabnd and I bought 2 investment properties before the housing crash. THe paln was to keep t hem till the girls were out of college and then sell them to pay off their school loans. I will spare you the horrible details but after now losing all of my retirement savings to pay mortgages due to non-paying renters aka "squatters" and lots of $$ toward lawyer and sheriff fees to get these folks out we are left with 2 properties. One is a duplex in a town about 15 miles from our own home in a college town. One side is rented with a dream renter - she pays her rent 5 days ahead each and every month. The other side is vacant.

The other property is a single family small home about 5 miles from us that has great potential for a first time home buyer. We had originally planned to fix it up more than we have - due to the oil burner blowing within the first 3 months of ownership - we replaced with propane.

I have 3 jobs and have been working to keep the 3 mortgages going until this past fall. With two renters not paying rent I just could not do it anymore. We have not paid the mortgage on the duplex since November and January with the single family home. THe rent we get from the dream renter is used to pay the plowing, water etc.... not included in the rent.

We live in Vermont. We have both properties listed with an agent who is really trying hard but no such luck yet. The mortgage bank is Bank of AMerica and i will tell anyone NEVER work with them. The worst bank ever.


ANy ideas on how we should proceed? Believe me this is the readers digest version of the last 8 years of my life. Thank you.

dougmccoy
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Re: Need some sound advice

Postby dougmccoy » Wed Apr 10, 2013 1:20 pm

i say keep the duplex and sell the other. and then pray or wish to have another dream renter to live on the other side of the duplex.
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emmettgonzales
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Re: Need some sound advice

Postby emmettgonzales » Wed May 29, 2013 12:27 pm

i would suggest the duplex one catalogues no credit check

Savarel
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Re: Need some sound advice

Postby Savarel » Mon Jul 01, 2013 2:25 pm

Sell them, and if you cant, then tell the bank you are not paying anything else, assuming you have no other cash that can be seized.

Also, why the hell would you use retirement savings to pay a mortgage on a rental property? Retirement accounts are protected from creditors...

Jerry
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Re: Need some sound advice

Postby Jerry » Tue Jul 02, 2013 11:20 pm

If you cannot afford the properties other than your primary residence, then it will be better to sell them off. You have taken the right step by listing the property with the real estate agent. Now that the mortgage market is improving and the inventories are decreasing in number, you have a great chance to sell off the properties.
Jerry
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Fredy Atwater
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Re: Need some sound advice

Postby Fredy Atwater » Tue Jul 02, 2013 11:23 pm

I highly agree with Savarel.

Sell them if you can !

Or just keep the house with the great tenant and get rid of your debt as soon as possible.

My blessings to you.

Fredy

Ms Kitty Cliche
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Re: Need some sound advice

Postby Ms Kitty Cliche » Thu Jul 11, 2013 10:26 am

Why not move into the empty half duplex, and sell your house and the other property?

Should bring your living costs down - and you'll have a renter to help pay the one mortgage you'll have.

jamescruz
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Re: Need some sound advice

Postby jamescruz » Sat Jul 13, 2013 8:30 am

Keep your duplex and sell the other one. This is a tricky situation and you have to handle it very carefully. Either way to get out of your situation, selling one property will be a wise decision.

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