LOL, I agree that seems to be your attitude. You seem to think your academic superior knowledge transcends anything anyone else could possibly know. You say you do not even read what you call their nonsense. I recommend people judge for themselves. Is that a creditable attitude? It would seem to me that thiories and advice from that admited stance are ultimately a lot of hogwash. Anyone that would wager with that attitude is blowing smoke in the wind. I think you shoud take your own advice, put up or —. This site has a way of giving good advice to a lot of beginners and experienced investors Lets hope that continues and is respected by all.
Bought a fixer in Dec '05 for $285k. Finished it in Mar '06 to move-in condition. Holding cost and repair = $30k. The market for 3/2’s is now flooded and the buyers seem to be on the sidelines. I’m getting squeezed pretty good. I’ve been told I can’t re-fi and pull money out of the house until I’ve held it for 12 months. I could re-fi the note to bring the payments down to close to realistic rental rates but would probably still be somewhat negative. A local investor offered to buy for cash $300k which would result in me taking the loss and moving on. Any ideas? Thanks.
Thanks, Robert. I do feel the sad truth to you’re thoughts and may follow that path. Joe, I’m advertising in the local newspaper, home delivered and online, I have an open listing on the MLS which has brought exactly 2 agent phone calls in the last 5 weeks and I advertise on craigslist in the bay area and in stockton.
Mary,
I tend to agree with some of the posters. Some other thoughts for you to consider;
Lease/ option
Rent to own
Seller finance-- all or the downpayment
You did not say what you were selling for. You could offer some financing which would attract lower credit score buyers. You might also try offing a bonas to the agent that brings a buyer within the next 30 days.
I am just trying to find a few ideas for you to think about before selling at a loss
Well, I’m not exactly getting a consensus here, but not too surprising. This market has changed and where it’s headed is uncertain. I am currently asking $329k which my appraiser says is still a very fair, supportable price. Max suggested that I possibly offer financing on a second, and while that’s not what I intended to do with this property, it might work. Can someone explain how? I need $10k at closing, my existing mortagage is for $285k and the difference for my asking price is $34k. If I carried a 2nd on the $34k, what interest rate? How long would I need to carry it before I could sell it to another investor? How much might I expect to get for it. Thanks to everyone for the comments.
Well, I see part of the problem as you are seeking a specific direct answer…and none of us are attorneys nor do we play one on TV…all we can do is give you the benefit of our past experience.
Let me put it this way:
My partner and I purchased a piece of property for $575,000 with the intention of rezoning and selling. Two days later we had an offer of $875,000…I said “SELL”, my partner said no we could get a million for it.
Making a long story short…we did not sell…we held out for the million and lost everything.
Acutally, I was looking for a consensus of opinion, as I said in an earlier post. I’m comfortable making up my own mind after getting available information. Your most recent post tells me you forwent a great return for a greedier amount and lost. I’m willing to settle for a push in an increasingly buyers market. Rather than take a loss now, I’m planning on doing a re-fi and rent the property for a year. Things might stabilize in the market or improve. Thanks all.
TOTALLY DISAGREE…we were partners for years…just sold our last investment for over $11,000,000.00…my only comment here for all is that if you have NEVER lost money at real estate investing…YOU ain’t doing much real estate investing.
Glad to know you are a 11 millionaire. Oops split it, a 5 1/2 millionaire if thats true. Any time you are a partner in any R. E Deal, you have ceeded at least half of your control to some one else. Unless you do not have the intestnial fortude or expertise to do it yourself, why do you need a partner?
Thanks for the response, Robert. I’m inferring you to mean that creating a highly leveraged rental at this time is not a better decision than selling for a loss. This “holdem/foldem” part of the learning curve is proving to be quite challenging.
Have both Jack…just chose to work with people…not against them. Over the years it has worked wonders for me…I think Zig Ziglar said it best when he said …You can have anything you want simply by helping others get what they want.
Have a good day…I think I can get in 18 before the sun sets…Ta Ta
Don’t put a lot of faith in what some theorist says is a good idea. Look at what the facts are and ascess what you can do. Then make your decision. Campbell is a a theorist. He likes to study things to death. Some times I think he is looking for all kinds of imputs to write a book. No offense, but if you really want to be successful in the R.E business, go with your gut feeling after accessing all the possibilites you find on this site. You will be much better off!
Ta Ta to you too Bill. Whatever works for you. Partners to me have only been something I don’t need. Why put up with someone else’s ideas when you can do it yourself. Then you don’t have to work with them or against them.
Ta Ta to you too Bill. Whatever works for you. Partners to me have only been something I don’t need. Why put up with someone else’s ideas when you can do it yourself. Then you don’t have to work with them or against them.