hey guys and girls here’s the deal i purchased a property through a program that would help me produce cashflow by renting out the home, they said they would find the tenants, okay feb 1st rolled around, no tenants, i also tried putting someone in there no luck. now the home is going into foreclosure. WHAT TO DO SOMEONE PLEASE HELP!
This was a common little scam over the past few years. People make promises about how they will manage an investment property for you and you don’t have to do much if anything at all other than buy the property for them. A lot of the time I found that these people were making a chunk of money on the sale of the property to you, then unless you have them in an enforceable contract (which nobody ever does) they have no legal obligation to manage the property for you. Obviously there are variations of this scheme, but you get the idea.
But the solution is simple. If you do own the home and you can put renters in there…then you should probably focus pretty hard on finding someone to rent the place. Then you can use that rent money to pay your mortgage debt.
If your monthly mortgage payment is more than what you are able to rent the home for, then you have bigger issues than not being able to rent the place out.
GooD LucK! :beer
Maybe you should post this on the “Foreclosure” forum. The investors who are active in foreclosures read that.
Give an update as to the details: Value of property, payments, delinquency, etc.
It’s really not all that easy to find a way to make lots of money without lifting a finger to do any work. You might as well learn that lesson from this.