Posted by Walt on July 15, 2003 at 21:20:12:
If you are in Fl. I might can help up. Contact me off the chat line.
Please help this poor ignorant slob… - Posted by Jackson
Posted by Jackson on July 15, 2003 at 13:34:55:
figure out what to do. My newly renovated “real brick” rental house plus garage apartment currently has a good cash flow, but I need to refinance (could be a problem due to low income at the moment) or sell to get some cash together. It appraised at $110,000, I owe less than 1/2 of that, and cash flow is $1070 per month.
My current tenant wants to buy and makes a good income in his business but has a short work history (on his own) and it will be 6 months before he can qualify. I can’t wait that long and would be willing to carryback a second mortgage (and hopefully sell it at a reasonable discount). Any ideas on where I would start? I am brand new at this. Thanks, Jackson
Re: Please help this poor ignorant slob… - Posted by GL - ON
Posted by GL - ON on July 15, 2003 at 14:47:25:
If you can’t qualify for a mortgage and your tenant can’t either, then selling and taking back a mortgage is not going to put any cash in your hand.
What do you need the cash for? Maybe there is a way around it.
Have you considered getting a home equity line of credit? You certainly have the equity.
You can even increase your credit card limits simply by asking. If you have 5 cards and increase each one by $2000 that’s $10,000 of new credit.
By the way, when you phone them up and ask for an increase in your limit, start by asking for a lower interest rate. They will give you that for the asking too. There is an 800 number printed on your credit card you can call.
There are a couple of ideas, there are lots more. But until you say how much you need and what for, there isn’t anything more I can suggest.
Re: Please help this poor ignorant slob… - Posted by Jackson
Posted by Jackson on July 15, 2003 at 14:57:11:
Thanks for the response. I need to gather all the cash together that I can in order to buy or build (me being the contractor) my next house (I will put the one I’m living in on the market in the next month). My thought was that lenders may be more lenient on my tenant if he only had to finance 80-90% of the house. My assumption on home equity loans were that you had to live in the house, and currently I have it rented out. J
Re: Please help this poor ignorant slob… - Posted by GL - ON
Posted by GL - ON on July 15, 2003 at 15:07:33:
It sounds like you need to arrange bridge financing. This is a specialty all its own that I am not familiar with. You could try asking on the Real Estate Financing board but it is a little outside the normal investing field.