Posted by Long Beach Ed on October 10, 2003 at 05:08:06:
Crystal,
If you have equity in those houses, you really have money in the bank. You can go to a broker and say “sell fast” and take what you can get. Or you can say “rent fast” and take what you can get.
Things are pretty similar in parts of Long Island where property taxes have gone from $4000 to $10,000 in a year.
If you can’t get a broker, get a sign. “Must sell - no reasonable offer refuesd” or “rent to highest offer”.
Or take on a partner. As long as you have real estate, you have options.
Posted by Crystal on October 10, 2003 at 01:25:04:
Help. We are bleeding. We had some major expenses come up that ate our savings and tenants in both of our investment homes that we purchased last year have moved out. We are looking for any solutions. How can you sell a home fast. We are so tight right now that I don’t think we could even pay for a newspaper ad again.
We are so emotionally and fiancially exhausted that I don’t think we are thinking clearly in the solution department.
Crystal in AZ
Posted by eric-fl on October 14, 2003 at 11:00:39:
Bleeding is caused by vacancies. The fastest solution to your problem is to rent them out. It’s faster than an outright sale, or even a sale on terms. It stops the bleeding. I know, I’ve been there. Just, whatever you do, make sure you put a QUALIFIED tenant in them so you don’t wind up out more months. Screen your tenants; pull their credit. If you don’t know how to do this, pay someone to do it for you. Worth every penny.
I just recently attended a seminar where an investor introduced the concept of “swing”. His example was this:
Payment: $800
Market rent: $1300
How much does a 1 month vacancy cost? Answer: $2100. Why? Because if you don’t have a tenant, you lose a) the opportunity cost of $1300, plus b) $800 out of your own pocket. Yes, the $800 has to be paid either way, but if you’re paying it instead of a tenant, then it’s a double-hit. Personally, I identified with this concept immediately, and it illustrates one principle above all else: VACANCIES ARE UNACCEPTABLE. You MUST not have them any longer than absolutely necessary. Even renting to a qualified tenant, at negative cash flow, for a year, is almost always going to be economically better than even a two month vacancy, unless the property throws off a ton of cash flow. And if it does, then that probably means you have a ton of equity, which gives you more options anyway.
Crystal, the fastest way to sell a house is to sell on terms. Today is Friday; make up a flyer on your PC
NO BANK QUALIFYING!!!
RENT TO OWN
NICE! 4bd/2ba House
Call xxx-xxxx
Or
OWNER WILL FINANCE
Small down, bruised credit OK, Xbd
1.5 bath, 1 car gar, 1500 sq. ft., fenced,
$XXX monthly. Call 555-1212
Take them to every grocery store bulletin board you have enough gas to get too or can walk too. Put them everywhere you can. Run an ad if you can afford it, if not you need to find a way to tell the world YOU HAVE A HOUSE TO SELL, and your flexible.
Good Luck… where in AZ are you I might know someone looking to buy?