Posted by David Alexander on April 21, 1999 at 10:26:25:
First, you always have to know your exit before going in. Did you buy this property to hold? I don’t buy property to hold so my strategy is alittle different, but here goes.
Sell the property for a little above the top of the market with Owner Financing, should be able to get at least your 10k back out of it. You’ll be getting a cash flow spread for the difference in equity. After you have some other people in the house get them to refinance ASAP(Cash Incentive, Vacation, Color TV, whatever it takes), to cash you out. Before you put just anyone in the house, have a good mortgage broker lined up, to check em’ out before hand to make sure they’re refinancable.