Re: best way to unload upside-down rental? - Posted by Ronald * Starr
Posted by Ronald * Starr on September 03, 2001 at 19:25:07:
If the property is a break-even or slightly positive after income taxes, you might consider keeping it. Sometimes, if it is not a burden on you, holding unitl it comes up in value is the way to go. You may want to make sure that your rents are at market value. When you are an absentee landlord, it can be easy to be out of touch.
When you bought, you did not know the market value. I’m sure you are kicking yourself for that. That is not get wayt to buy. But, now, do you suppose that there might be some other buyers out there that do not know the value either? You might try reselling the property at you you paid or even a couple of thousand dollars more. Try to sell at very little or, for very good credit folk, no money down.
If you can wrap the VA loan and get a couple of percent more interest that may be helpful to you. With owner-carry financing you can often get people to pay $10K more than market value, at least if you believe many posts here on CREONLINE.COM . You might want to search on posts for discussioin of VA loans, wrapping loans, etc.
Good InvestingRon Starr*********