Akil, I don’t mean to sound blunt, but the reality is that you should sell this house. You said yourself that you’re a novice and that’s working against you. Your chances of flipping a couple of properties in the meantime is probably low. You and the wife are at the limit. She said that she can’t afford it. It’s time to end the problem and move on. There will be plenty of other houses in the future to use for rentals. Don’t create extra problems for you both. If you really want to keep the place, then refinance and get her off the deed and off the loan. Let her move somewhere else and then you’ll have the house.
My wife and I own a home together and are in the process of divorce. She currently lives in the house (I live elsewhere). She wants to sell it because it’s too much of a financial burden. I (as a novice real estate investor) am looking for a way to keep it to use as a rental or lease/option. The house needs repairs and does not have much equity. I do not want to move back into the house and cannot afford to pay the mortgage there AND pay to live where I am currently living. I’m hoping that I will be able to flip a property or two before the dust settles; to buy some time. I’m looking for a way to keep the place, and afford it, without having to move back there. Any ideas? I hope that I’ve provided enough detail. Any assistance would be greatly appreciated.
Posted by Jim IL on February 24, 2001 at 22:34:56:
Akil,
Where are you located?
If you are near me, I may be able to help you with this situation.
If not, then drop me an e-mail with some details and I’ll gladly see what I can offer up for suggestions.
Take care,
Jim IL
I’m going to agree with the others that since neither can afford it alone someone else needs to be in there. What is hard when there is not a lot of equity is to easily sell it. You could do L/O or contract for deed as owner financing but there are problems with these approaches. If you used a realtor you might even have to bring money to the table. If you click on the PActrust banner and read some of the advertisements you will find that it does solve your problem the best way. If you don’t understand it email me so I can better explain the benefits.
Posted by Dee-Texas on February 24, 2001 at 11:53:00:
Hi Akil,
I agree with Bill, the property will have to be dealt with for the divorce sake…meaning (well it depends on what type of state your in) in Texas everything is split…assests and debt…If you can’t sell it outright because it’s mortgaged for as much as it’s worth…Let someone buy it from you for a little walking cash and you and your wife split it and get on with your two lives…Then you can be free to start you career without baggage.
Good Luck,
Dee-Texas