Posted by Michael Morrongiello on November 03, 2000 at 17:55:41:
Just like you acquired that property, you can sell to a potential buyer by offering to FINANCE the sale and create a “wrap around” type mortgage. You get enough Cash from the potential buyer so that you can reinstate the existing loan in default and then you have all other payments pass through you.
Keep in mind that you do not have the luxury of time here. You need to Sell NOW in order to preserve or salvage any of your equity that is in jeopardy. This type of property (the boarding house) many investors will look at as very management intensive. So it will take the right kind of buyer or the right terms to ATTRACT someome to this deal.
Best of luck.